Posted July 9th, 2013 in Legal Insights with Tags law, legal, Business Law

State-Mandated Fiduciary Responsibilities Critical When Engaging in Joint Ventures

Joint Ventures have been a growing trend with more and more health care organizations looking to hitch their wagons together to offer newer and different services. Sometimes, however, organizations forget that there are certain state-mandated fiduciary responsibilities associated with those agreements and if one party isn’t mindful of those stipulations, they may easily find themselves in breach when collaborating with other organizations or using joint venture opportunities for their individual benefit. Majority owners, especially, must be sure to respect these responsibilities. For more information, contact Susan Kratz at 612-305-7699 (skratz@nilanjohnson.com).