General partners owe a duty to inform their co-partners of all information they possess that is relevant to the affairs of the partnership

Question

Quizplus · Accepted Answer

This statement is true. General partners have a fiduciary duty to act in the best interest of the partnership and its co-partners, and this duty includes the obligation to share information relevant to the partnership's affairs. This duty to inform extends to all partners, regardless of their level of involvement or decision-making authority within the partnership. Failure to fulfill this duty could result in legal action or other consequences.

General Partners Owe a Duty to Inform Their Co-Partners of All