Meant by the expression partnership property

Reference no: EM13969443

Fred is a new partner in Gee & Co, a firm of interior designers. In discussion at a recent meeting of the partners Fred was told that the office building at which the firm is based is not partnership property. Explain to Fred:

(a) What is meant by the expression 'partnership property';

(b) What effect it will have on him if the office building is not partnership property;

(c) How it can be that an asset which is used in the firm's business is not in fact partnership property.

Reference no: EM13969443

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