APPLICATION OF THE PROPERTY OF THE FIRM (SECTION 15):
Subject to contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business.
Analysis of section 15:
Section 15 provides that the property of the firm shall be held and used exclusively for the purpose of the firm. In partnership, there is a community of interest which all the partners take in the property of the firm. But that does not mean than during the subsistence of the partnership, a particular partner has any proprietary interest in the assets of the firm. Every partner of the firm has a right to get his share of profits till the firm subsists and he has also a right to see that all the assets of the partnership are applied to and used for the purpose of partnership business.
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