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Property of a partnership firm

When there is no contract, the property of the firm includes-
  • All properties, rights and interests brought into the common stock of the firm
  • Property acquired by purchase for the firm
  • Property acquired for the purpose and in the course of business of the firm
  • Property purchased with money belonging to the firm
  • Includes goodwill (value of reputation of a business house in respect of future profits over the normal profits earned by the undertaking in the same class) of the firm’s business
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