In addition to the duties and obligations set out in the partnership agreement, where one exists, partners owe to each other fiduciary duties. A fiduciary duty is a duty of the utmost good faith. The fiduciary duties are:

  • To act honestly towards the other partners
  • To act for the benefit of the partners as a whole
  • Not to put themselves into a position where their duty to the firm and their own interests conflict
  • To make full disclosure of any fact relevant to the partners
  • Not to make an unauthorised personal profit
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Any breach of the partnership agreement, or a partner’s fiduciary duties, may result in a dispute. In such circumstances, a partner may be liable for damages or the subject of an injunction and may be expelled from the partnership.

We can advise on:

  • Breaches of the partnership agreement
  • Disputes relating to partnership accounts
  • Restrictive covenants
  • Expulsion and compulsory retirement
  • Employee status

We can advise at any stage of a partnership dispute. In cases where a partner may face expulsion, we can advise on whether the partnership agreement permits a partner to be expelled and what sums the outgoing partner is entitled to receive.

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