Upon the death of one spouse, the survivor owns the property. Partnership A partnership is an agreement of two or more co-owners to conduct a business for profit. Agreements to share in the profit create a presumption of a partnership. Title to partnership property may be held in the name of the partnership and can be conveyed without the signatures of the partners' spouses. Real property cannot be conveyed or encumbered without the consent of all partners.
Partners have equal rights to use partnership property for partnership purposes.
In the absence of an agreement to the contrary, they share equally in the control of the partnership and its profits. A partnership requires consent. One partner cannot assign his or her interest to another. Personal creditors of a partner cannot attach partnership property for that partner's personal debts. There are several different kinds of partnerships, including general partners, limited partners, and joint ventures.