A and B are partners in A & B Partnership. A owns two parcels of land which he contributed to the partnership. B owns six trucks which he contributed to the partnership. The profits of the land and the trucks were also included as contributions. The properties contributed are all what A and B own. The partnership is:

Question

Quizplus · Accepted Answer

A universal partnership of all present property includes all the property actually belonging to the partners at the time of the constitution, as well as the profits from those properties, which is the case with A & B Partnership where both partners contributed all their properties and the profits thereof to the partnership.

A and B Are Partners in a & B Partnership