Nevada § 87.4336 - Conduct of partner: General standards

§ 87.4336. Conduct of partner: General standards

1. The only fiduciary duties a partner owes to the partnership and the other partners

are the duty of loyalty and the duty of care set forth in subsections 2 and 3. 2. A partner's duty of loyalty to the partnership and the other partners is limited

to the following: (a) To account to the partnership and hold as trustee for it any property, profit

or benefit derived by the partner in the conduct and winding up of the partnership

business or derived from a use by the partner of partnership property, including the

appropriation of a partnership opportunity; (b) To refrain from dealing with the partnership in the conduct or winding up of the

partnership business as or on behalf of a party having an interest adverse to the

partnership; and (c) To refrain from competing with the partnership in the conduct of the partnership

business before the dissolution of the partnership. 3. A partner's duty of care to the partnership and the other partners in the conduct

and winding up of the partnership business is limited to refraining from engaging

in grossly negligent or reckless conduct, intentional misconduct or a knowing violation

of law. 4. A partner shall discharge the duties to the partnership and the other partners

under NRS 87.4301 to 87.4357 , inclusive, or under the partnership agreement and exercise any rights consistently

with the obligation of good faith and fair dealing. 5. A partner does not violate a duty or obligation under NRS 87.4301 to 87.4357 , inclusive, or under the partnership agreement merely because the partner's conduct

furthers the partner's own interest. 6. A partner may lend money to and transact other business with the partnership, and

as to each loan or transaction the rights and obligations of the partner are the same

as those of a person who is not a partner, subject to other applicable law. 7. This section applies to a person winding up the partnership business as the personal

or legal representative of the last surviving partner as if the person were a partner.