Partnership Property

Question 1

Partnership capital

Answer 1

Property or money contributed by each of the partners.

Question 2

Partnership property

Answer 2

This embraces everything that the partnership ones (both capital and properties subsequently acquired)

Question 3

Titled Property

Answer 3

Title property is deemed p’ship property if (1) titled in p’ship name, or (2) titled in name of one or more partners and the instrument transferring title notes the titleholder’s capacity as a partner

Presumption: Title is deemed to be p’ship property if it was purchased with partnership funds, regardless of whose name is on the title.

If none of the three above, then presumed separate property.

Question 4

Untitled Property

Answer 4

P’ship property if:

• purchased with p’ship funds
• use of the property by the p’ship
• entry of the property in the p’ship books
• close relationship between property and business operations
• improvement of property with p’ship funds