How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10030
Experience:  30 years of corporate, litigation and international law
18695994
Type Your Business Law Question Here...
Richard - Bizlaw is online now
A new question is answered every 9 seconds

I am a managing member of a general partnership and a remaining

Customer Question

I am a managing member of a general partnership and a remaining managing member, without a parnership resolution being signed, borrows money using the partnerships property as collateral to go into another real estate venture. The new venture did not include me. I was not aware of this transaction for five years after this had occurred
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 6 years ago.

bizlaw :

This is a breach of fiduciary duty and you can bring suit against the partners involved. Since you just discovered the act, you can still bring the suit. If this answer is responsive to your question, please accept it. That is how we are compensated. I would also be appreciated if you provided feed back on your view of the answer. Finally, if the answer was especially helpful you can provide a bonus. If I can be of further assistance or you have other questions in the future you can ask for me and reach me at this site.
This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

Related Business Law Questions