Indiana Code 6-1.1-2-5. Partnership property
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Terms Used In Indiana Code 6-1.1-2-5
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 5. The tangible property of a partnership shall be listed and assessed in the firm name. Each partner is jointly and severally liable for the property taxes so assessed.
[Pre-1975 Property Tax Recodification Citation: 6-1-21-4.]
Formerly: Acts 1975, P.L.47, SEC.1.