Partnership Property

Question 1

Property Subsequently Acquired to Formation of Partnership (Contrary Intention)

Answer 1

Unless a contrary intention appears, all property subsequently acquired by purchase or otherwise on account of the partnership is property of the partnership and not that of the partners individually.

Question 2

Property Purchased with Partnership Funds

Answer 2

Unless a contrary intention appears, property purchased with partnership assets belongs to the partnership, even if not acquired in the name of the partnership.

Question 3

Factors to Show Contrary Intention

Answer 3

Include:

• the terms of the partnership agreement or any other relevant express or implied agreement
• the partnership’s records
• the payment of taxes, repair bills, or insurance premiums
• the conduct of the partners
• whether the property was used or improved by the business
• how the title to the property was held