If you own a business, or work with others in a business-type capacity, you are owed certain rights from your co-venturers. One of these rights is known as the duty of loyalty. Essentially, every partner owes one another a duty of loyalty whereby all their efforts are owed to the partnership rather than to themselves.
The duty of loyalty entails different aspects. For one, a partner cannot independently pursue an opportunity that is brought to his attention within his capacity of working on behalf of the business. It does not matter whether this is a partnership, LLC, corporation, or the like, a partner simply cannot take advantage of opportunities that should have been reserved to the company for himself. The types of opportunities can range greatly. This can include the purchase of property- real or personal; contract opportunities; or investment opportunities. A partner owes his or her other partners a duty to present any opportunity to the partnership rather than keeping it for him or herself.
Further, the duty of loyalty includes the right to remain informed. Every partner owes it to the other partners to inform them of any developments or updates that may affect the business in some form.
These are but two examples of how partners owe one another a duty of loyalty. If you feel as if your partner or co-owner has not lived up to the duty owed to you, you may be entitled to legal redress. Contacting the right legal team can get the ball rolling to ensure you receive what is due to you. Call the Trembly Law Firm today at (305) 431-5678 to schedule your consultation today.