Whether an individual partner or the partnership owns certain property determines who gets it upon dissolution of the partnership and who shares in income from it.

Question

Quizplus · Accepted Answer

The ownership of property in a partnership determines how it is distributed upon dissolution and how income from the property is shared among the partners. If the property is owned by the partnership, it is shared according to the partnership agreement. If it is owned individually, it does not get distributed among the partners upon dissolution.

Whether an Individual Partner or the Partnership Owns Certain Property