What is a key aspect of fiduciary duty among partners?

A key aspect of fiduciary duty among partners is that partners must act in the best interests of the partnership. This duty underscores the obligation that partners have to prioritize the collective interests of the partnership over their personal interests. Fiduciary duties typically include the duties of loyalty and care, which ensure that partners are acting ethically and in good faith towards one another and the partnership itself.

When partners fulfill their fiduciary duty, they are expected to avoid conflicts of interest and to refrain from self-dealing unless fully disclosed and consented to by the other partners. This builds trust within the partnership and contributes to its overall success. Therefore, the requirement for partners to act in the best interests of the partnership reflects the foundational principle that operates within partnerships, keeping partners accountable to one another as well as to the partnership entity itself.