Exam 36: Partnerships and Limited Liability Partnerships

A partner may pursue his or her own interest without automatically vio?lating the fiduciary duties that he or she owes to the firm.

Denise and Elke do business as Final Curtain Decorators. In most states, for purposes of holding title to property, this partnership would be treated as

Mead, Nero, and Olen do business as Pipe & Plumbing Services. After Mead's relationship to the firm ends, Nero and Olen agree to discontinue the business. This is

Only a limited partnership's limited partners have a fiduciary obligation to the other partners.