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Fiduciary Duties Involved in Colorado Businesses; Part I - The Basics

Colorado offers a lifestyle that is attractive to many new businesses, and in recent years, we have seen an influx of residents and start-ups seeking to take advantage of all this state has to offer. But business people—and particularly friends entering into business on a handshake or “back-of-the-napkin” deal—should take care to draft business agreements up front in order to avoid the lawsuits that may ensue when disputes arise down the line. One particular area of concern that often times leads to the break-up of a business is a breach of fiduciary duty. But what is a fiduciary duty and how do you know if you are violating it? This series will first address the basics of fiduciary duties, the sources from which those duties come, and the enforcement of those duties. Then, each subsequent Part will address what those duties entail in relation to a partnership, limited liability company, and corporation.

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