{"id":2670,"date":"2017-03-21T12:06:28","date_gmt":"2017-03-21T16:06:28","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=2670"},"modified":"2019-12-23T18:21:01","modified_gmt":"2019-12-23T23:21:01","slug":"fiduciary-duties-business-partners","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/fiduciary-duties-business-partners.html","title":{"rendered":"Fiduciary Duties Between Business Partners"},"content":{"rendered":"<p>Does your business partner owe you anything? We\u2019re not talking about money, although that may be an ultimate outcome, we\u2019re talking about how they treat you. Do they owe you any duty to be fair or to bring business opportunities to your company? Whether you are a shareholder in a small, closely held corporation or a member in a limited liability company, the answer to this question is yes, with some exceptions.<\/p>\n<p>Every small business owner, again, whether be it a corporation or limited liability company, has a fiduciary relationship with the other business owners. What is a fiduciary relationship? A person who is a fiduciary is someone charged with a legal and\/or ethical relationship of trust with one or more other persons. A fiduciary duty, in turn, is the highest standard of care that can be imposed on someone. A fiduciary is required to be loyal to the beneficiaries of that duty and there must be no conflict of interest between the fiduciary and beneficiaries. The fiduciary cannot profit personally from his position as a fiduciary.<\/p>\n<p>Since each shareholder or limited liability company member owes each other a fiduciary duty the responsibility is reciprocal. Therefore, as a small business owner, you owe a fiduciary duty to your other partners whether you own 60% of the company or 5% of the company and they also owe you a reciprocal fiduciary duty.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/fiduciary-duties-business-partners.html\"  title=\"Continue Reading Fiduciary Duties Between Business Partners\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Does your business partner owe you anything? We\u2019re not talking about money, although that may be an ultimate outcome, we\u2019re talking about how they treat you. Do they owe you any duty to be fair or to bring business opportunities to your company? Whether you are a shareholder in a small, closely held corporation or [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[245,99,65,248],"tags":[],"coauthors":[173],"class_list":["post-2670","post","type-post","status-publish","format-standard","hentry","category-corporate-ma-insights","category-pierce","category-insights","category-litigation-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fiduciary Duties Between Business Partners &#8212; March 21, 2017 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"Does your business partner owe you anything? We\u2019re not talking about money, although that may be an ultimate outcome, we\u2019re talking about how they treat\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/fiduciary-duties-business-partners.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiduciary Duties Between Business Partners &#8212; March 21, 2017 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"og:description\" content=\"Does your business partner owe you anything? We\u2019re not talking about money, although that may be an ultimate outcome, we\u2019re talking about how they treat\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lindabury.com\/firm\/insights\/fiduciary-duties-business-partners.html\" \/>\n<meta property=\"og:site_name\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-21T16:06:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-23T23:21:01+00:00\" \/>\n<meta name=\"author\" content=\"David R. Pierce\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David R. 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