Rights and Obligations of Partners
Explore the rights and obligations of partners, including the fiduciary obligations of each partner; the right to manage the business, share in profits, and receive payments; partner interests in partnership property and the partnership itself; and what happens in case of disputes between partners.
Welcome back to the tutorial on partnerships! In this clip, we’ll be taking a look at the rights and obligations of partners.
In this clip, we’ll begin by taking a look at the fiduciary duties owed by the partners to the partnership and the other partners. Next, we’ll look at the partners’ right to manage the business. Then we’ll turn to partners’ rights to share in profits and receive payment from the partnership. We’ll also take a look at partnership property and the interest each partner...