Delaware Code Title 6 Sec. 15-204 – When property is partnership property
(a) Property is partnership property if acquired in the name of:
(1) The partnership; or
(2) One or more persons with an indication in the instrument transferring title to the property of the person‘s capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.
Terms Used In Delaware Code Title 6 Sec. 15-204
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partner: means a person who is admitted to a partnership as a partner of the partnership. See Delaware Code Title 6 Sec. 15-101
- Partnership: means an association of 2 or more persons formed under § 15-202 of this title, predecessor law or comparable law of another jurisdiction to carry on any business, purpose or activity. See Delaware Code Title 6 Sec. 15-101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 15-101
- Property: means all property, real, personal or mixed, tangible or intangible, or any interest therein. See Delaware Code Title 6 Sec. 15-101
- Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Delaware Code Title 6 Sec. 15-101
(b) Property is acquired in the name of the partnership by a transfer to:
(1) The partnership in its name; or
(2) One or more persons in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
(c) Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of 1 or more persons with an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership.
(d) Property acquired in the name of 1 or more persons, without an 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 use of partnership assets, is presumed to be separate property, even if used for partnership purposes.