Partnership 3: Obligations of the Partners Among Themselves (Inter Se)

Introduction to Partnership Relations00:00:00

Introduction to the series on partnerships and an overview of the legal nature of partnerships, including fixed-term vs. at-will partnerships and the four types of relations created by a partnership contract.

Contribution of Property and Money00:06:42

Explanation of the obligations regarding the contribution of property and money. Topics include the duty to warrant property, appraisal of contributions, and the consequences of default.

Prohibition Against Other Business01:14:59

Distinction between the obligations of industrial and capitalist partners regarding engaging in other businesses and avoiding conflicts of interest.

Additional Capital and Managing Partner Duties01:18:18

Rules on contributing additional capital during imminent loss and the fiduciary duty of a managing partner when collecting debts owed to both the firm and themselves personally.

Partnership Credits and Duty of Diligence02:26:27

Obligations regarding the collection of partnership credits, the duty of diligence, and the personal liability of partners for damages caused to the partnership.

Rendering Information and Duty to Account02:28:22

The requirement for partners to provide full information to co-partners and the obligation to hold unauthorized personal profits in trust for the partnership.

Summary of Obligations03:32:56

A final recap of the nine critical obligations partners owe to one another within a partnership.