When you start a business, it is hard to imagine your business partner betraying your trust. However, the strains of business and the ever present temptation of money can change a once trusted partner to an adversary in litigation. It is therefore important to know the obligations the law imposes on business partners and how to bring an action.
The law imposes a “fiduciary duty” between business partners. A “fiduciary duty” imposes upon partners the standard of good faith, the duty to act for all partners and the business in every transaction, and the duty to refrain from misrepresentation or concealment.
To bring an action based on a breach of fiduciary duty against a partner you must demonstrate (1) a fiduciary relationship exists; (2) partner misconduct that breaches the fiduciary relationship, such as self-dealing that is contrary to the partnership’s interests, and (3) that this breach caused damages to you.
James G. Dibbini and Associates P.C. can provide you with an in depth and comprehensive approach to your matter. To schedule an appointment with an attorney at our firm, please call (914) 965-1011 or email us at firstname.lastname@example.org to learn more.