Short answer. Yes. In a universal partnership of all present property, the partners pool everything they own at the time the partnership is formed into a common fund, intending to divide both that property and the profits it earns. What you presently own becomes partnership property, not yours alone.
What the law says
the partners contribute all the property which actually belongs to them to a common fund, with the intention of dividing the same among themselves
Civil Code, Article 1778 — Universal Partnership of All Present Property. Read the full provision →
What goes into the common fund
Article 1778 describes this partnership as one in which the partners contribute all the property which actually belongs to them to a common fund, with the intention of dividing the same among themselves. The key phrase is "all present property" — everything each partner owns at the moment the partnership begins. Your house, your savings, your vehicles: if they belong to you when you enter, they pass into the shared pool. The partners are treated as putting their whole present patrimony on the table, to be managed together and, in the end, divided among them along with whatever those assets earn.
Present property, not future property
The word present matters. This partnership reaches what you own now, not property you may acquire later by your own effort or luck. Something you inherit or win after the partnership forms does not automatically fall into the common fund, unless the partners have separately agreed to bring in such after-acquired property. The profits those future assets generate can be shared, but the assets themselves stay yours. So "everything I own" is a snapshot taken at formation, not a standing claim on everything you will ever own.
The intention to divide is essential
Contributing property to a common fund is only half of it. The article requires the intention of dividing the same among themselves, as well as all the profits which they may acquire therewith. Without that shared intent, pooling assets does not create this kind of partnership. The point is not merely to hold things jointly but to run them as a common venture whose gains — and its underlying capital — are meant to be split among the partners according to their agreement.
Why the distinction matters to you
Before you sign, understand that a universal partnership of all present property is the broadest commitment of assets the Civil Code contemplates. Once property enters the fund, it is no longer yours to sell or mortgage alone; it answers to the partnership and its creditors. This is very different from a partnership of profits, where you keep ownership of your capital and share only the earnings and the use of it. Because the consequences are so sweeping, the scope of what you are contributing should be written down clearly in the partnership contract.