In a universal partnership of all present property, what may partners agree about future property?

In a universal partnership of all present property, the correct position regarding future property is that it will typically remain with the individual partners, unless the partnership agreement specifies otherwise. This principle recognizes that only the property currently owned by the partners at the time of the formation of the partnership is included in the partnership's estate.

Furthermore, the law generally allows partners to agree on the treatment of future property; however, unless there is a clear stipulation in the partnership agreement that future property will be included or brought into the partnership, the default position is that it remains the personal property of the partners. This serves to protect the individual interests of the partners regarding property they may acquire later, ensuring that the future acquisitions stay with the respective partners unless they decide to contribute them to the partnership.

The other options reflect misunderstandings about the nature of property rights within a universal partnership. Future property is not automatically transferred to the partnership unless expressly agreed upon, nor is it prohibited from being owned by the individual partners or exclusively by third parties. The option regarding the stipulations is also misleading, as partners can and often do set forth specific terms regarding future property in their agreements.