More on partners and land

I have been intrigued to read the exchange of views on the question of land being a partnership asset.

I am especially concerned by the content and implications of the response by Tower where I would take issue with the observation that ‘any attempt to give different partners different entitlements to separate assets of the partnership is incompatible with the principle that all the assets are equally available to meet partnership debts’.

This seems to be based on the statements in the following paragraph: ‘it is stated that he remains entitled to the full value of that asset’ and the following observation: ‘accordingly it would not be advisable for a partner to retain full entitlement to any one asset’.

Is there not a confusion here (going to the heart of the question posed by Sonata) between ownership by an individual partner and ownership by the...