Book contents
- Fiduciary Obligations in Business
- Fiduciary Obligations in Business
- Copyright page
- Dedication
- Contents
- Contributors
- Editors’ Acknowledgments
- Introduction The Decline and Rise of Fiduciary Obligations in Business
- Part I Identifying Fiduciaries and Their Duties
- 1 Fiduciary Duties on the Temporal Edges of Agency Relationships
- 2 Extra Large Partnerships
- 3 The Three Fiduciaries of Delaware Corporate Law—and Eisenberg’s Error
- 4 Trust, Discretion, and ERISA Fiduciary Status
- 5 Examining Indenture Trustee Duties
- Part II Gaps and Alternatives in Fiduciary Regimes
- Part III Historical and Comparative Perspectives
- Part IV Stakeholders and Society
- Index
2 - Extra Large Partnerships
from Part I - Identifying Fiduciaries and Their Duties
Published online by Cambridge University Press: 20 August 2021
Book contents
- Fiduciary Obligations in Business
- Fiduciary Obligations in Business
- Copyright page
- Dedication
- Contents
- Contributors
- Editors’ Acknowledgments
- Introduction The Decline and Rise of Fiduciary Obligations in Business
- Part I Identifying Fiduciaries and Their Duties
- 1 Fiduciary Duties on the Temporal Edges of Agency Relationships
- 2 Extra Large Partnerships
- 3 The Three Fiduciaries of Delaware Corporate Law—and Eisenberg’s Error
- 4 Trust, Discretion, and ERISA Fiduciary Status
- 5 Examining Indenture Trustee Duties
- Part II Gaps and Alternatives in Fiduciary Regimes
- Part III Historical and Comparative Perspectives
- Part IV Stakeholders and Society
- Index
Summary
This Chapter analyzes two of the most extreme examples of partnerships that have outgrown partnership law: limited liability partnerships (LLPs) and publicly-traded partnerships (PTPs), known in the investment community as master limited partnerships (MLPs). Both of these entities reflect the tension between traditional partnership law and legislatively-granted limited liability and contractual flexibility. Just as corporation statutes apply awkwardly to small, closely-held corporations, partnership and limited partnership acts apply even more awkwardly to extra large partnerships.
Keywords
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- Fiduciary Obligations in Business , pp. 40 - 56Publisher: Cambridge University PressPrint publication year: 2021