effect, all the members of an ordinary partnership are
interested in the whole of the partnership property,
but it is not quite clear whether they ... that when individual assets are brought in a
partnership firm so as to constitute the partnership
property, there is a transfer of interest
share in the partnership. A creditor of the partnership is
entitled to get back the whole of his property on
dissolution of the firm ... share in the partnership. A creditor of the partnership
is entitled to get back the whole of his property on
dissolution of the firm
property of the partnership. during the
subsistence of the partnership, however, no
partner can deal with any portion of the property ... money or even property including
immovable property. Once that is done whatever is
brought in would cease to be the exclusive
property of the person
Bhagwatiprasad & Co. having 28% share in the partnership.
The partnership was by the document of partnership which is
dated 6th June ... partnership
assets.
A partner's interest in running partnership is not
specific and is not confined to any specific item of
partnership property
exclusive property of the person who brings it in. The property becomes trading asset of the partnership in which all the partners acquired an interest ... their entire interest in the property. Thereafter, the property was brought in as an asset of the partnership business in which the donor was himself
individual capacity. The Income Tax Officer
however regarded the properties as belonging to the
partnership firm, and in the assessment proceedings of the
firm ... individual capacity. But
the Income Tax officer regarded the properties as belonging
to the partnership firm, and in the assessment proceedings
of the firm
cases cited above, it appears that
goodwill of a partnership business is a
property of the firm in which a partner is
entitled ... mentioned that according to section 14 of
the Indian Partnership Act, property of a firm
includes goodwill of the business. Further,
according to section
gifted the
property to his sons, which property was leased out to the
firm, had two rights, namely, of ownership in the property ... partnership and that
whether an amount forms the part of the capital of the
partnership or part of its property, it does not belong
family, entered into partnership with Narendra Kumar, an undivided member of the family, who brought into the partnership his separate property. When Narendra Kumar entered ... likes, property which was his individual property, not acquired with the aid of or with any detriment to the joint family property. It follows from
thereafter it was carried on by
a partnership consisting of the two. The house property of
the family continued to remain joint. The firm ... coparcener upon the divisions although the
property obtained by a coparcener by a partition continued
to be coparcenary property for him and his unseparated
issue
