| Commentary

75.1 The common law position

| Commentary

(e) Partners’ duties to one another

75 The underlying duty of good faith

75.1 The common law position

Under common law, the partners owe a fiduciary duty to one another. Amongst other things, this means that each partner has a duty:

  1. 75.1.1

        to act bona fide for the benefit of the partnership;

  2. 75.1.2

        to deal honestly with the other partners and with third parties, including a positive duty to inform the other partners of anything of which he is aware which may affect the partnership; and

  3. 75.1.3

        not to make a secret profit.

The duty of good faith obviously persists

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