partnership property

Definition:

in relation to a partnership, property that must be dealt with exclusively for the purpose of the partnership and in accordance with the partnership agreement, and which, on dissolution of the partnership, must be used to pay the debts and liabilities of the partnership with any surplus being distributed among the partners. All property and rights and interests in property originally brought into the partnership stock acquired whether by purchase or otherwise, on account of the firm or for the purposes and in the course of the partnership business, are partnership property.



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