365. Co-owners of the property and partners in the profits.

All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, are called in the Partnership Act 1890 partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement1.

However, co-ownership of land does not of itself create a partnership, whether or not the tenants share the profits2, and where mines3 are held in co-ownership the co-owners may constitute