With respect to a partners fiduciary duty, partners must:Group of answer choicesprevent their personal interests from conflicting with the interest of the partnershipexpel any partner who breaches this dutycompete with the partnershipnot make secret profit even if they disclose the profit to the rest of the partners and get their approval
Question
With respect to a partners fiduciary duty, partners must:Group of answer choicesprevent their personal interests from conflicting with the interest of the partnershipexpel any partner who breaches this dutycompete with the partnershipnot make secret profit even if they disclose the profit to the rest of the partners and get their approval
Solution
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Prevent their personal interests from conflicting with the interest of the partnership: Partners have a fiduciary duty to act in the best interest of the partnership. This means they must avoid situations where their personal interests could potentially conflict with the interests of the partnership.
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Expel any partner who breaches this duty: While it's not a requirement to expel a partner who breaches their fiduciary duty, it is an option that the partnership may consider. The partnership agreement may outline the process for dealing with such breaches.
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Compete with the partnership: Partners should not compete with the partnership. Doing so would be a breach of their fiduciary duty as it could harm the partnership's interests.
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Not make secret profit even if they disclose the profit to the rest of the partners and get their approval: Partners should not make a secret profit at the expense of the partnership. Even if they disclose the profit and get approval from the other partners, it could still be considered a breach of their fiduciary duty. This is because it could create a conflict of interest and potentially harm the partnership.
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