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The property of the firm

14.Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of business of the firm, and includes also the goodwill of the business.

Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired for the firm.

Reference copy from the firm’s resource library, saved on 26 October 2026. Laws, rates and notifications change — for the current position on your matter, please talk to us. Back to the Knowledge Bank.