0

Does "business" here mean "a company", legally speaking?

A breach of fiduciary duty: Partners have a duty to act in the best interests of the business. They should not misappropriate company funds, they should not take business that ought to belong to the company to benefit them personally, and they should not otherwise do anything that would harm the interests of the partnership. If a partner acts inappropriately and hurts the business, this is a serious dispute that can sometimes result in litigation and that could sometimes set the stage for the end of the partnership.

8
  • The first and third occurrences of the word clearly refer to the company. – Kate Bunting Dec 11 '20 at 9:06
  • @KateBunting How about this? they mention "operating the business" then "operating a business". " In other situations, partners will divide up work that needs to be done and will all be involved in operating the business. Unfortunately, if any of the partners believe that the workload is not being distributed fairly when they are operating a business together, this can result in conflict arising. – user70732 Dec 13 '20 at 15:01
  • 1
    Both of these refer to a company. Business without any article means commercial activity. – Kate Bunting Dec 13 '20 at 15:13
  • @kateBunting so can we say that' "your business" here mean " your commerical activity "? LLP can help you to find ways to avoid conflicts from occurring that hurt your business. – user70732 Dec 14 '20 at 7:20
  • If that is a quotation from a different passage, I don't know without more context. – Kate Bunting Dec 14 '20 at 9:07
0

The first thought echoes the comment that first and third business are synonymous with company. However, this is a legal statement and one must assume it has been carefully composed and that we should search for a consistent meaning that applies throughout.

I suggest that consistency may be reached by using business to mean something like ”commercial or legal activity that is properly engaged in by the company”

0
0

Probably, yes.

Disclaimer: Legal English is its own dialect, I am not a lawyer, and this is not legal advice. If you want an answer from someone qualified to give you a certain answer, talk to a lawyer licensed to practice in your jurisdiction, rather than asking strangers on the Internet.

With that disclaimer out of the way, I believe that where you see the phrase "the business", it refers to the company, but "business" alone refers to business activities, customer information, and similar such things.

0

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.