A fiduciary duty is the highest duty under the law.  A fiduciary is required to act for the benefit of another and owes the duties of good faith, trust, confidence, and candor.  Fiduciary duties are not readily assumed.  However, a partner owes to his or her fellow partners a fiduciary duty.  Shareholders in a closely-held corporation owe each other a fiduciary duty and corporate officers owe the corporation a fiduciary duty.  Fiduciary duties can be breached by misappropriating money from the business, foregoing a business opportunity to the benefit of the fiduciary, or engaging in any transaction that personally benefits the fiduciary or harms the beneficiary.  There are various damages available to an innocent party including disgorgement of fees and exemplary damages.

If you have a business partner breach his or her fiduciary duties contact the Law Office of Ryan C. Solis to schedule a consultation.