Partnership Property
/ˈpɑːrtnərʃɪp ˈprɑːpərti/
Definitions
- (n.) Property acquired by or belonging to a partnership as distinct from the individual partners' separate property.
The partnership property includes all assets acquired during the business relationship.
- (n.) Property held or used for the partnership's business purposes, subject to partnership creditors' claims.
Creditors may have claims against the partnership property before partners' personal assets.
Forms
- partnership property
Related terms
See also
Commentary
Partnership property is distinct from partners' separate property; clear drafting is needed to specify what property is partnership property versus individual property in partnership agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.