MP is the face of the business Most likely the ones to be confronted with these opportunities MP is given opportunity to make relationships by FP (financial partner) so they have to report back with opportunity offers that they have received is a sentiment that the FP does not have nearly as high a FD Can this duty be weighed? FD cannot be weighed However, you can carve out things in advance that will not be considered a breach of a FD Partnership needs trust and future opportunities may not be certain duty Meinhard Factors Nexus People and relationships involved Use of partnership property Use of logos and indicia of the partnership Remember, MP is the face of the partnership…indicia If in doubt, you should probably find a breach of FD The duty is really high Did you offer the opportunity? Did you provide notice? PARTNERSHIP DISSOLUTION Even partners who are locked in an irreconcilable dispute usually manage to agree to some plan which enables one or all of them to exit gracefully, because whatever settlement the feuding individuals can work out is likely to prove more economical than court-ordered dissolution, a procedure which typically results in the partnership property being disposed of for considerably less then its actual value. this is what Fairfax was talking about when she said she had to force people to think about what they would do in partnership dissolution situations just as they are getting ready to do business. Partnership Dissolution 3 part process (1) formal dissolution (2) winding up of partnership affairs (3) termination of the partnerships Triggering dissolution Act of one of the partners Express will of the partners By virtue of agreement Term of a partner Bankruptcy of a partner
MP is the face of the business Most likely the ones to be confronted with these opportunities MP is given opportunity to make relationships by FP (financial partner) so they have to report back with opportunity offers that they have received is a sentiment that the FP does not have nearly as high a FD Can this duty be weighed? FD cannot be weighed However, you can carve out things in advance that will not be considered a breach of a FD Partnership needs trust and future opportunities may not be certain Meinhard duty Factors Nexus People and relationships involved Use of partnership property Use of logos and indicia of the partnership Remember, MP is the face of the partnership…indicia If in doubt, you should probably find a breach of FD The duty is really high Did you offer the opportunity? Did you provide notice? PARTNERSHIP DISSOLUTION Even partners who are locked in an irreconcilable dispute usually manage to agree to some plan which enables one or all of them to exit gracefully, because whatever settlement the feuding individuals can work out is likely to prove more economical than court-ordered dissolution, a procedure which typically results in the partnership property being disposed of for considerably less then its actual value. this is what Fairfax was talking about when she said she had to force people to think about what they would do in partnership dissolution situations just as they are getting ready to do business. Partnership Dissolution 3 part process (1) formal dissolution (2) winding up of partnership affairs (3) termination of the partnerships Triggering dissolution Act of one of the partners Express will of the partners By virtue of agreement Term of a partner Bankruptcy of a partner
Corporations%20-%20Fairfax%20-%202011.docx