| Commentary

68.2 Drafting issues

| Commentary

68.2 Drafting issues

The partnership agreement should make it clear which of the initial assets used by the partnership, such as land and buildings, machinery, stock and intellectual property rights, are intended to be ‘brought into the partnership stock’ and therefore constitute partnership property. The significance of an asset being partnership property is that it is held and applied by the partners exclusively for the purposes of the partnership, rather than being the property of any one partner individually. Consequently, if the asset is sold at a profit, that profit will be shared amongst the partners according to their capital

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