6. Partnership Property

This chapter is concerned with the identification, nature and consequences of an item being regarded as partnership property. It sets out the situations where there is a need to distinguish between partnership property and the property of an individual partner(s), including insolvency and co-ownership issues, with special reference to farming partnerships. The nature of a partner's interest in such property is considered under English law together with the rights attached to it. The limits as to what may constitute such property are followed by the statutory and contractual rules for identification. Property bought out of partnership profits and the use of non-partnership land are considered. The chapter also covers the specific problems associated with two types of asset, the leases of business premises and the concept of the goodwill of a business.