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Fiduciary Duty Archives

Understanding the Corporate Opportunity Doctrine

fudiciary duty.jpgExecutives, directors, officers, and other corporate agents have a fiduciary duty to their company. In the simplest terms, a fiduciary duty is a legal obligation that requires one to put the interests of another party above their personal interests. This duty comes in many different specific forms. For corporate officers, one important form of fiduciary duty is known as the corporate opportunity doctrine. Essentially, this doctrine is an application of the fiduciary of duty of loyalty. More specifically, it means that corporate agents are not allowed to take any business opportunity for themselves that could have benefited the corporation. In the event that your business interests have been negatively affected by a corporate officer's violation of the corporate opportunity doctrine, please reach out to an experienced San Jose business litigation attorney today to discuss your legal options.

California Business Law: Self-Dealing Explained

self-dealing.jpgSelf-dealing is an unlawful business practice that occurs when someone who has a fiduciary duty puts their own personal financial interests above the interests of the organization to which they owe that duty. In California, self-dealing is a form of business fraud. If your business interests have been adversely affected by insider self-dealing, please contact an experienced San Jose business fraud attorney to learn more about your legal options.

Realizing the Fiduciary Duties in Partnerships

fudiciary duty.jpgWhen two or more people engage in business for profit, with or without a formal written agreement, they are partners engaged in a general partnership. Partners have fiduciary duties to each other. Depending on the type of business relationship you have (limited or general) partnership, fiduciary duties will vary. In California, Corporate Code ยง16404 dictates the fiduciary duties of partners, along with any written terms of agreement between the partners. Fiduciary duties expose partners to liability when they fail to live up to their obligations.

Set Business Expectations through Fiduciary Duty

business-law-fudiciary-duty.jpgThe term "fiduciary duty" is technical in nature, but in simpler terms, it covers the expectations between business partners to do the right thing when it comes to the working relationship. There are common duties associated with a fiduciary relationship which include duties of confidentiality, loyalty, and good faith.