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Why it is essential for partner to trust each other? Is there any legal angle to this?

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posted Mar 10, 2016 by Tanmay

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1 Answer

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In a business, there are lot of things going on. In case there is a trust gap between the partners, they will be involved in spying on each other, making sure the other partner is delivering on his/her role, if there is any fund misuse etc.
So the focus goes from growing the business to internal crisis management.

answer Mar 11, 2016 by Shekhar Yadav
Any legal angle to this?
Mostly the issues should be solved by mutual understanding. But in case the problem escalates, the other partners(assuming that they are also directors) can remove the non-performing partner, through some board resolution/voting.

For eg. Steve Jobs being a co-founder of apple was shown the door by the Board of directors because they couldn't see the value in the excessive spend by Steve jobs on his projects.
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