Rights of General Partners - Rights in Partnership Property

1. Right in Partnership Property

A partnership is treated as owning all money and property contributed to the partnership by the partners and all other property acquired by the partnership. Partners are not treated as co-owners of partnership property. As a general rule, partners have no right to possess or use a specific item of partnership property other for partnership purposes.

a. Not Assignable or Mortgageable by Partner Individually

b. Not Subject to Attachment by Individual Partner's Creditors or for Alimony

c. Rights Vest in Surviving Partners upon Death