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If it is just a partnership, Billy can't compete with partnership in another company. That is a breach of his fiduciary duties to the partnership.



It's not the legal definition of a partnership. It's more like a nine-way joint tenancy.

An actual partnership would probably have contracts and articles that make it easier to do business. Notably, many allow for ratification of business decisions by majority vote of the partners, weighted by their ownership share. There may be a conflict of interest if you try to make your partnership buy something you already own individually, but as long as you disclose your interests up front and recuse yourself appropriately from conflict decisions, that's rarely an issue.




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