Business Law

posted by .

In each of following situtations. is there any violation of fiduciary relationship by a partner. In each case, indicate whether it would make difference if the partnership was informed of and/or approved the transaction.

1. Partner A sells land to his partnership without disclosing that he is the owner. He sells it for the market value of the land.
2. Partner B is offered a chance to earn some money performing a service, which either B personally, or his partnership, could perform. B accepts the offer personally.
3.Partner C is a partner in a dry cleaning partnership. C opens a dry cleaning store down the street from one owned by the partnership.
4.Partner D sells partnership inventory for more than the partnership's selling price and keeps the excess profits for himself.
5.Partner E uses partnership property for personal purposes. The property is returned to the partnership unharmed.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. business law

    A partnership is created:a a)If the managing partner files appopriate papers with the secretary of state. b)If two or more persons or entities engage in an ongoing business activity for profit. c)Upon the issuance of stock to the partners. …
  2. business

    Congratulations! You have decided to start a new business! You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees. …
  3. company law

    If a couple run a business and work as a partnership at will, what are the consequences in case of dispute?
  4. Business law

    Should a petition of involuntary chapter 7 bankruptcy be granted to one partner of a 4 partner company that has quit paying debt due to disagreements between partners on more money needed than planned?
  5. math

    in new jersey compounding interest is prohibited.so whatwould be owed in the case of the business partner giving his co-partner a 15000 mortgage at 12%interest and no payments were made in 17 years.
  6. Business Law - Partnership

    Question: Bright is a partner in a firm of accountants. Without consulting the others, he orders a word processor, though the price exceeds the figure for which agreement of all partners is required by the partnership agreement. He …
  7. accounting ..urgent pls

    please help me to solve this problem. THANK YOU AND MAY GOD BLESS YOU ALWAYS. L. Carson agrees to pay $10,000 each to to C. Ames and D. Barker for 1/3 of their interest in the Ames-Barker partnership. At the time of the admission of …
  8. physical Edu

    Which is a common expectation that can hurt a relationship?
  9. Accounting

    Which of the following is not generally written into the articles of partnership agreement?
  10. Business Law

    Which of the following is a cause for the dissolution of a partnership?

More Similar Questions