My partner is saying I committed a breach of fiduciary duty since I didn't inform him about the tax return before signing.
Here is a fairly standard definition of Fiduciary Duty
A legal obligation of one party to act in the best interest of another. The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property. Also called fiduciary obligation.
Read more: http://www.businessdictionary.com/definition/fiduciary-duty.html#ixzz2gae5foUXy
This generally does not apply to business partners for the routine aspects of doing business. It would, if one is the treasurer and absconds with partnership
funds. But if the partner does something that just doesn't work out well. There is no liability to the other partners.
You might be covered and actually absolved by the Operating Agreement for something like the tax issue. Whether a court would find that pre-approval of the tax return was required by the fiduciary duty, I have my doubts.
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