Partnership property, Business Law and Ethics

Partnership Property

Partnership property comprises all property originally brought in the partnership as well like acquired for the purposes of such the firm's businesses. Therefore never all property utilized through the firm is necessarily partnership property although may be the private property of one of the partners; like prima facie, nonetheless property bought with money belonging for the firm will be deemed for be partnership agreement so.

The partner may claim like 'share' in the partnership property as prima facie so an equal share then the property is indivisible and must be regarded like held on trust to sale such the partners' entitlement being for share in the proceeds of sale there.

Partnership property cannot be prepared the subject of execution of the profits concerned against an individual partner in respect about his private debts like through it may be exciting on a writ of execution created against the firm. However the Court can, make an order where through an individual's interest in the firm can subsist charged to the benefit of his creditor such will operate as a compulsory assignment of like partner's share that described above.

Posted Date: 1/30/2013 7:20:26 AM | Location : United States

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