Iowa Code 486A.204 – When property is partnership property
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1. Property is partnership property if acquired in the name of any of the following:
a. The partnership.
b. One or more partners 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 Iowa Code 486A.204
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A. See Iowa Code 486A.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 as defined in section 4. See Iowa Code 486A.101
- Property: means all property, real, personal, or mixed, tangible or intangible, or any interest in such property. See Iowa Code 486A.101
- Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Iowa Code 486A.101
2. Property is acquired in the name of the partnership by a transfer to any of the following:
a. The partnership in its name.
b. 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.
3. Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners 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.
4. Property acquired in the name of one or more of the partners, 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.