N.Y. Partnership Law 121-701 – Nature of partnership interest
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§ 121-701. Nature of partnership interest. An interest in a limited partnership is personal property and a partner has no interest in specific partnership property.
Terms Used In N.Y. Partnership Law 121-701
- Partner: means a limited or general partner. See N.Y. Partnership Law 121-101
- 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.
- Personal property: All property that is not real property.