Do shareholders have any legal responsibility to one another?

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

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Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Mar 25, 2026

Read Time: 1 mins

Shareholders have a legal responsibility, which is called a fiduciary responsibility, to other shareholders. That means that they must act in an honest and upright and forthright manner with other shareholders. They cannot act in a manner that is a conflict of interest with the corporation and that would injury other shareholders. That is essentially the overriding obligation of the shareholder to another shareholder.

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Do shareholders have any legal responsibility to one another?

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