Asked by Celeste Machado on May 19, 2024
Verified
A partner can put his or her self-interest before the interest of the partnership without violating any fiduciary duty owed to the firm.
Fiduciary Duty
A legal obligation of one party to act solely in the interest of another party, such as a trustee to a beneficiary.
Self-interest
The focus on one's own benefit or advantage, especially when pursued without regard for others.
Partnership Interest
The share or portion of the rights, profits, and losses in a partnership business allocated to a particular partner.
- Understand a partner's fiduciary duties towards the partnership.
Verified Answer
KM
Khaled MahmudMay 19, 2024
Final Answer :
False
Explanation :
A partner has a fiduciary duty to act in the best interest of the partnership and not prioritize personal gain over the partnership's interests.
Learning Objectives
- Understand a partner's fiduciary duties towards the partnership.
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