Which of the following is correct with regard to partnership property?
A)Like partnership capital, it is a fixed amount set forth in the articles of partnership.
B)Unless contrary intention appears, property acquired with partnership funds is partnership property.
C)Under the UPA, title to real estate purchased with partnership funds cannot be taken in the partnership name.
D)If there is no express agreement whether property owned by a partner before formation of the partnership and used in the partnership business is an asset of the partnership, the fact that taxes, liens, and expenses have been paid by the partnership is irrelevant.

Question

Quizplus · Accepted Answer

Partnership property refers to property acquired with partnership funds or property that is used for partnership business. Unless the articles of partnership explicitly state otherwise, any property bought with partnership funds is considered partnership property.

Which of the Following Is Correct with Regard to Partnership