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Commentary

68.1 Default provisions

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

68.1 Default provisions

| Commentary

68 Partnership property

68.1 Default provisions

‘Partnership property’, as defined in the Partnership Act 1890, obviously includes any property originally brought into the partnership stock when the partnership is set up. It also encompasses any property subsequently purchased or otherwise acquired on account of the firm, or for the purposes and in the course of the partnership business1. The Partnership Act 1890 goes on to state that all partnership property must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement2. Property bought with money

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