PARTNERSHIP PROPERTY
PARTNERSHIP PROPERTY
l
Sec 22 - all property, rights and interest originally
brought into the partnership, or acquired, on account of the firm and for the
purpose of the partnership and in the course of the partnership business are
called partnership property and must be applied exclusively for the firm.
l Partnership
property can either be
l Brought into the
firm
l Acquired on
account of the firm
l
division of partnership property in a photography
business.
MILES
v CLARKE [1953] 1 All ER 779
Two
men were partners at will in a photography business. M was a well-known
photographer who brought with him his reputation, whereas C owned the lease of
the studio and the equipment used in it. M also brought with him his existing
negatives. Both partners , however, contributed to the stock in trade used in
the business. The partners never agreed as to the formal listing of the assets,
all that they agreed was to share the profits equally. On dissolution the
question arose as to who owned what.
The
court refused to imply any terms as to change of ownership so that C retained
the lease and equipment whilst M retained his previous goodwill and negatives.
The consumable items of the stock in trade actually used in the business were
to be regarded as partnership assets.
l bought land from
partnership profits therefore the land becomes partnership property
JONES v JONES
[1870] 4 SALR 12
T and A were general
dealers and out of the profits of the partnership they bought a shop in the
business. The land was conveyed to them as tenants in common. T died intestate.
Since the property had been acquired out of partnership profits and used for
the partnership business, the evidence was that it was partnership property and
not owned by them as individuals.
PARTNERSHIP PROPERTY
Reviewed by Kamaruddin Mahmood
on
12:29:00 PG
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