General Partners

Cal. CORP § 15904.08

California Statutes

(

a) The fiduciary duties that a general partner owes to the limited partnership and the other partners are the duties of loyalty and care under subdivisions (

b) and (c). (

b) A general partner’s duty of loyalty to the limited partnership and the other partners is limited to the following: (1) to account to the limited partnership and hold as trustee for it any property, profit, or benefit derived by the general partner in the conduct and winding up of the limited partnership’s activities or derived from a use by the general partner of limited partnership property, including the appropriation of a limited partnership opportunity; (2) to refrain from dealing with the limited partnership in the conduct or winding up of the limited partnership’s activities as or on behalf of a party having an interest adverse to the limited partnership; and (3) to refrain from competing with the limited partnership in the conduct or winding up of the limited partnership’s activities. (

c) A general partner’s duty of care to the limited partnership and the other partners in the conduct and winding up of the limited partnership’s activities is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law. (

d) A general partner shall discharge the duties to the partnership and the other partners under this

chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing. (

e) A general partner does not violate a duty or obligation under this

chapter or under the partnership agreement merely because the general partner’s conduct furthers the general partner’s own interest.

Document details

CollectionCalifornia Statutes
CitationCal. CORP § 15904.08
Date2007-01-01
Typestatute
Languageen
SourceCA_STAT
IdentifierCORP15904.08.200649520

General Partners

Cal. CORP § 15904.08

California Statutes

General Partners

Cal. CORP § 15904.08

California Statutes

(

a) The fiduciary duties that a general partner owes to the limited partnership and the other partners are the duties of loyalty and care under subdivisions (

b) and (c). (

b) A general partner’s duty of loyalty to the limited partnership and the other partners is limited to the following: (1) to account to the limited partnership and hold as trustee for it any property, profit, or benefit derived by the general partner in the conduct and winding up of the limited partnership’s activities or derived from a use by the general partner of limited partnership property, including the appropriation of a limited partnership opportunity; (2) to refrain from dealing with the limited partnership in the conduct or winding up of the limited partnership’s activities as or on behalf of a party having an interest adverse to the limited partnership; and (3) to refrain from competing with the limited partnership in the conduct or winding up of the limited partnership’s activities. (

c) A general partner’s duty of care to the limited partnership and the other partners in the conduct and winding up of the limited partnership’s activities is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law. (

d) A general partner shall discharge the duties to the partnership and the other partners under this

chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing. (

e) A general partner does not violate a duty or obligation under this

chapter or under the partnership agreement merely because the general partner’s conduct furthers the general partner’s own interest.

Document details

CollectionCalifornia Statutes
CitationCal. CORP § 15904.08
Date2007-01-01
Typestatute
Languageen
SourceCA_STAT
IdentifierCORP15904.08.200649520