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Partnership Property

In general, partnership property consists of all the property contributed by the partners or acquired for the partnership with its funds.  A partnership may own real property as well as personal property. Partners hold title to partnership property by tenancy in partnership or tenants in common.  This means that each partner has an equal right to use the partnership property for partnership purposes unless there is an agreement to the contrary.  Also, a partner possesses no interest in any specific item of partnership property.  (For example, a partner does not own 10% of the personal computer which his secre­tary uses.)  A creditor of the partner cannot proceed against any specific items of partnership property.  A creditor can only proceed against the partner’s interest in the partnership.

Inside Partnership Property