Effective: August 6, 2008
Latest Legislation: House Bill 332 - 127th General Assembly
(A) Property acquired by a partnership is property of the partnership and not the property of the partners individually.
(B) Property is partnership property if the property is acquired in the name of either of the following:
(1) The partnership;
(2) One or more partners when the instrument transferring title to the property indicates that the transferee holds the property in the capacity as a partner, or that a partnership exists but without an indication of the name of the partnership.
(C) Property is acquired in the name of the partnership by a transfer to either of the following:
(1) The partnership in its name;
(2) One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
(D) Property is presumed to be partnership property if purchased with partnership assets, even if it is not acquired as described in division (B) of this section.
(E) Property acquired in the name of one or more of the partners, when there is no indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without the use of partnership assets, is presumed to be separate property, even if used for partnership purposes.