List and describe the three property rights held by partners including rights, if any, upon death.

Partners have three property rights: (1) the right to participate in the management of the business, (2) the right to specific partnership property, and (3) the right to their partnership interest. In regard to the first right, unless the partnership agreement states otherwise, all partners have a right to participate equally in the management of the partnership. In regard to the right to specific partnership property, partners own the partnership property as a group, and any property that is acquired by the partnership is considered property of the partnership. They have a right to this property but cannot use it to pay a personal debt and cannot sell or use the property if the purpose is outside the partnership interest. If a partner dies, the surviving partners receive the rights to the specific partnership property. In regard to the right to a partnership interest, each partner has a right to the interest of the partner's share of the profits and a return on capital contributed by the partner. If a partner dies, the interest earned by the deceased partner is added to his or her estate and is not given back to the partnership.