9. Property Issues

Question 1

What is partner/partnership property?

Answer 1

Partnership property

• Acquired in name of partnership
• Acquired in name of Partner + apparent from document Partner’s acting for Partnership
• Acquired by using Partnership funds

Partner property
- Acquired in name of Partner

Question 2

What rights does Partner/Partnership have over property?

Answer 2

Ownership

Right to use for partnership purposes only (Partner)

Question 3

Can Partnership property be transferred?

Answer 3

Partnership’s transfer
- NO (owned by partnership)

Partner’s transfer

• Management rights (unanimous vote => New Partner)
• Financial rights (unilateral transfer => New transferee, NOT partner)