In A. Teixeira & Co. v. Teixeira, 699 A.2d 1383, 1387 (R.I. 1997) the Court concluded that "on the basis of the small number of shareholders in plaintiff corporation, the active participation by these shareholders in management decisions, and their close and intimate working relations, that the shareholders of [the closely held] corporation, by acting as if they were partners, thus assumed a fiduciary duty toward one another and their corporation."

In that case there were only six shareholders in the corporation. Id. at 1384.