Duties within a Partnership

The video tutorial discusses the duties and responsibilities of general partners within a general partnership. It covers the default rules, limitations set by partnership agreements, and fiduciary duties such as loyalty and care. The duty of care requires partners to avoid actions that harm the partnership, while the duty of loyalty prohibits prioritizing personal interests over the partnership. Breaches of these duties, like usurping partnership benefits, are actionable by the partnership or other partners.

What are the default rules regarding the activities a general partner can undertake on behalf of the partnership?

What are fiduciary duties, and to whom does a general partner owe these duties?

Explain the duty of care that a general partner has towards the partnership.

What does the duty of loyalty entail for a general partner in a partnership?

Describe a scenario that would constitute a breach of the duty of loyalty by a general partner.