5/8/2011 Partnerships-firm name Firm name:Business Registration Ordinance (Cap310). Partnership property Distinction between partnership property and property separately owned by the partners. Importance of the distinction. Test:express or implied agreement of the partners. General factors(not necessarily decisive on their own): -Treatment of asset in firm's accounts. -Who paid for the asset? Is asset used for the firm or for private purposes? ·See Law v Chow. 45/8/2011 4 7 Partnerships - firm name • Firm name: Business Registration Ordinance (Cap 310). 8 Partnership property • Distinction between partnership property and property separately owned by the partners. • Importance of the distinction. • Test: express or implied agreement of the partners. • General factors (not necessarily decisive on their own): - Treatment of asset in firm’s accounts. - Who paid for the asset? - Is asset used for the firm or for private purposes? • See Law v Chow