When 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 §16404 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.