Nancy J. Gleason and Douglas G. Shreffler, two partners in the law firm, began investigating the possibility
Question:
Nancy J. Gleason and Douglas G. Shreffler, two partners in the law firm, began investigating the possibility of establishing a new, separate law firm. They decided to take preliminary steps to form that firm and, within two months, had located office space, ordered furniture and equipment, and initiated a banking relationship with the Harris Bank. One month later, on December 31, Gleason and Shreffler resigned from the partnership and started the GMS law firm. During her 13 years working at the partnership, Gleason was the primary person handling the firm’s Allstate Insurance Company account. While still working for the partnership, Gleason arranged to have the Allstate cases that were with the partnership reassigned to Gleason’s new firm. Did Gleason breach a fiduciary duty owed to the partnership? Explain.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Step by Step Answer:
Law for Business
ISBN: 978-1259722325
13th edition
Authors: A. James Barnes, Terry M. Dworkin, Eric L. Richards