Fiduciary Duties of Partners

Introduction

For this assignment, you will consider the fiduciary nature of duties that partners owe to the partnership and to other partners.

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assignment criteria:

• Competency 2: Recognize the various forms, requirements, and limitations of business organizations.
  • Identify the types of partnerships.
  • Define the rights and duties of partners.
  • Explain the liabilities of partners.
  • Determine whether the fiduciary duties that a partner owes to a partnership have been breached.
• Competency 6: Communicate professionally, according to the expectations of the field of accounting.
  • Express main points, arguments, concepts, and information coherently and logically.

Assignment Instructions

Analyze Business Case 37-6, “Fiduciary Duties of Partners,” located on page 739 of your textbook. Prepare a professional-caliber brief on the case.

Based on the case information provided:

• State the facts of the case and the key issues.
• Cite the code or statute provisions applicable to the case.
• Determine whether Rüsen and Thomas breached their fiduciary duties, and explain your reasoning.
• Express your main points, arguments, concepts, and information coherently and logically.

To support your brief:

• Identify the types of partnerships and applicable law.
• Define the rights and duties of partners, and cite relevant law.
• Explain the liabilities of partners, and cite relevant law.

Additional Requirements

• Cover page: Include your name, the assignment number, and the assignment or case title.
• Length: 1–2 double-spaced pages, not including the cover page.
• Font and font size: Times New Roman, 12-point.
• APA formatting: Format resources and citations according to current APA guidelines.