Discuss the concept of "partnership property." What is the controlling factor in whether property belongs to the partnership or to one or more of the partners individually?
"Partnership property" is that which is acquired by the partnership. Property acquired by the partnership is conclusively deemed to be partnership property. Property becomes partnership property if acquired in the name of the partnership, which includes a transfer to the partnership in its name or to one or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property. Property is partnership property if acquired in the name of one or more of the partners with an indication in the instrument transferring title of either their capacity as partners or of the existence of a partnership, even if the name of the partnership is not indicated. The partners' intention controls whether property belongs to the partnership or to one or more of the partners individually.
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