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Source Partnership Formation Partnership Formation Matched to this deck.

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A partner buys a truck with personal savings. Title lists only that partner's name and does not mention the partnership or partner capacity. The truck is then used for partnership deliveries several times each week.
Which statement best describes the truck's ownership?

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The truck is presumed separate property because it was bought with personal funds, titled only in the partner's name, and title does not indicate partnership capacity. The truck is automatically partnership property because it was used in the business several times each week. The truck becomes partnership property after 90 days of partnership use. The truck belongs to whichever partner drove it most often.

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