Sec 2. Property rights of a partner
1. What are the rights of a partner?
Principal rights:
(a) His rights in a specific partnership property.
(b) His interest in the partnership.
(c) His right to participate in the management.
Related rights:
(a) Right for reimbursement for amounts advanced to the
partnership and indemnification for risks in consequence of
management.
(b) Right and access of partnership books
(c) True and full information affecting partnership
(d) Formal account of the partnership under circumstances
(e) Right to dissolve partnership under circumstances
OWNERSHIP OF CERTAIN PROPERTY
Property used by
the partnership
It is common that a partner will allow
the partnership to use the property
without a transfer of ownership
Property acquired
by partner through
partnership funds
Partnership property (unless contrary
intention)
HOWEVER; if after dissolution but
before liquidation, the partner would be
the one liable for the acquisition.
Property carried in
partnership books
as partnership
asset
Partnership
Others
Income generated by the property, the
partnership is the owner.
But when partnership funds used for
owner is the partnership
