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Minah was one of two original partners in a printing business called 'ClearPrint' which had grown over the years from a two-person partnership in
Minah was one of two original partners in a printing business called 'ClearPrint' which had grown over the years from a two-person partnership in 2001 into a very successful business with 15 partners. The business started very informally, with no formal partnership agreement ever being drawn up between the partners. Over the years Minah had drawn money from the firm account to pay for her personal debt, claiming she was repaying loans she had incurred for and on behalf of the firm. There was no evidence to suggest that this was the case, and the other partners of ClearPrint, while they were not happy with what Minah did, had not publicly complained in partner meetings. However, things came to a head when the partnership suddenly showed a significant decline in 2005, and it was apparent that Minah's drawings were contributing significantly to the profit downturn. Advise the partnership if Minah has breched her fiduciary duties and statutory duties, and if there are any remedies available for ClearPrint.
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Based on the scenario provided it appears that Minah has breached her fiduciary duties as a partner in the ClearPrint printing business Fiduciary duties are the highest standard of care imposed by law ...Get Instant Access to Expert-Tailored Solutions
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