Startup Terms Glossary
What is Duty of Loyalty?
Duty of loyalty is a board of directors’ obligation to act in a startup’s best interest when making decisions and to act. It’s one of two primary duties and requires a board member to demonstrate loyalty to the startup at all times. A duty of loyalty can decrease conflicts of interest which mitigates the chance of acting in bad faith.
Duty of Loyalty Examples
Duty of loyalty provision examples include:
- Example 1. Not override the startup’s opportunities
- Example 2. Prioritize the company over personal gain
- Example 3. Keep internal company information private
- Example 4. Avoid personal conflicts of interest
- Example 5. Reasonably disclose any interest conflicts to the board
Here’s a page about the duty of loyalty
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Adam T.
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Alexis L.
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I am a corporate lawyer with over 15 years of experience in litigation and in advising companies on a variety of legal issues, including mergers and acquisitions, securities regulations, and contract negotiations. I have a deep understanding of the technology industry and have represented numerous tech companies in my career.
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