If you and your friends have a business together, and you use the business's money to buy something, that thing usually belongs to the business. This is true even if only one of you goes to the shop to buy it. However, there might be times when you all agree that this rule doesn't apply. In those cases, you can decide together who the thing belongs to.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206038.
Property bought with money belonging to the firm must be treated as having been bought for the firm.
This section applies unless the contrary intention appears.
