Fiduciary Duty - What is it? LIVE Q&A w/Tony Denaro & Markets with May - Video

Fiduciary Duty - What is it? A LIVE discussion with Tony Denaro & Markets with May
#Tony Denaro #MarketsWithMay #FiduciaryDuty

What is a Fiduciary Duty?
A fiduciary duty is a type of law applied to individuals who act on behalf of and in the best interests of someone or something else. Essentially, it is an obligation of trust from the person acting on behalf of another (aka “fiduciary”) to the one for whom they are acting. In terms of businesses and corporations, a fiduciary duty is an obligation to act in good faith, with the care of a reasonable person in a similar position and the belief that their decisions are in the best interests of the company and its shareholders. For more information on fiduciary duty read our article: Fiduciary Duties of LLC Members in Illinois

Who Has Fiduciary Duties in a Corporation?
Corporate officers and directors have fiduciary duties to their company and all of the people they represent. Directors are typically responsible for overseeing the company, attending board meetings, and promoting the best interests of the company. Corporate officers, including the President, Vice President, Secretary and Treasurer, manage the day-to-day operations of the company. All of the aforementioned executive positions have massive control over the corporation, and therefore take on fiduciary duties to lawfully declare their obligation of trust and fidelity to the corporation.