178.05 Partnership property. - Wisconsin Statutes

178.05

178.05 Partnership property.

178.05(1)

(1) All property originally brought into the partnership stock or subsequently acquired, by purchase or otherwise, on account of the partnership is partnership property.

178.05(2)

(2) Unless the contrary intention appears, property acquired with partnership funds is partnership property.

178.05(3)

(3) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.

178.05(4)

(4) A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears.

178.05 - ANNOT.

Whether real estate is partnership property depends on whether it was acquired on account of the partnership, and, when held in the name of a partner, upon the intention of the parties. The fact that realty, individually owned, is used for partnership purposes is insufficient to support a finding that the land is partnership property. Estate of Schreiber, 68 Wis. 2d 135, 227 N.W.2d 917 (1975).