If a partner uses a business opportunity that would have benefited the partnership personally, he is in breach of his fiduciary duties.
a duty of loyalty
According to the idea of the duty of loyalty, all decisions made by a corporation's directors and executives in their capacities as corporate fiduciaries must be made without any personal or financial conflicts. By conducting self-serving business or exploiting business chances, loyalty responsibilities might be breached.
A fiduciary must disclose all pertinent information before to engaging in a self-interested transaction or taking advantage of a commercial opportunity in order to uphold their fiduciary duty of loyalty. Then, the transaction must be approved by either a majority of disinterested shareholders or a majority of disinterested directors.
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