Partnership property may consist of:
A) real property only.
B) personal property only.
C) any and all property acquired by the partnership.
D) all property contributed by the partners or acquired for the firm or with its funds.

Question

Quizplus · Accepted Answer

Partnership property includes all property contributed by the partners as well as any property acquired for the firm or with its funds. This includes both real property (land and buildings) and personal property (equipment, inventory, accounts receivable, etc.). Therefore, the best choice is D.

Partnership Property May Consist Of