MGMT 3100 Lecture Notes - Lecture 7: Limited Liability Partnership, Limited Liability, Fiduciary

• School: York University
• Department: Management
• Course: MGMT 3100
• Professor: Peter Mac Donald

Document Summary

Fiduciary duties (partnership agreement may not alter these agreements: information: partners are bound to render true and full information of all things affecting the partnership. Express provision: matters that should be settled in advance (notice of termination, what justifies it, etc. ) Implied statutory rules: (in absence of express agreement) Termination by notice or expiry: if no fixed term, any partner may give notice of termination to all partners at any time (oral or in writing). If fixed term partnership is dissolved at expiration regardless. Termination on death or insolvency: automatic termination on death, insolvency/bankruptcy of a partner (usually different in agreement) (or if partnership property is security for personal debts other partners have right to terminate the relationship) Partner becomes permanently incapable of performing his part of the agreement. Partner has been guilty of conduct likely to prejudicially affect the business. Partner commits breach of agreement (not reasonably practicable for other partners to carry on business with him)