Kentucky Statutes 362.1-501 – Partner not co-owner of partnership property
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Partnership property is owned by the partnership as an entity. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 42, effective July 12, 2006.
Effective: July 12, 2006
Terms Used In Kentucky Statutes 362.1-501
- Entity: means a corporation, foreign corporation, not-for-profit corporation, profit or not-for-profit unincorporated association, business or statutory trust, estate, partnership, limited partnership, trust, two (2) or more persons having a joint or common economic interest, and a state, national, or foreign government. See Kentucky Statutes 362.1-101
- 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.
- Partnership: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
- Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Kentucky Statutes 362.1-101
History: Created 2006 Ky. Acts ch. 149, sec. 42, effective July 12, 2006.