Short answer. Both, together as one. The partners contribute their property to a common fund with the intention of dividing the same among themselves, as well as all the profits which they may acquire therewith — future profits actually earned from that contributed property become fully common along with the underlying property itself.
What the law says
A partnership of all present property is that 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, as well as all the profits which they may acquire therewith.
Civil Code, Article 1778 — Universal Partnership of All Present Property. Read the full provision →
What exactly goes into the common fund
This particular definition is quite specific about what actually forms this kind of partnership: the partners contribute all the property which actually belongs to them to a common fund. That is a genuinely broad, all-encompassing contribution — property they presently and actually own outright becomes part of the shared common pool that defines this particular type of partnership arrangement entered into between the partners involved.
Profits are named as their own separate item
The definition does not stop at the property itself. It expressly adds as well as all the profits which they may acquire therewith — meaning whatever profits are actually generated from that specific contributed property are also fully intended to be divided among the partners themselves as a group, not simply kept separately or privately by whichever specific partner's own original property happened to produce those particular profits in the first place.
Why 'therewith' matters to what counts as shared profit
The specific word therewith ties the shared profits specifically to the contributed property — profits actually acquired using or through that specific pooled property clearly and unambiguously fall within the shared partnership arrangement being described here. This is precisely what distinguishes a universal partnership of all present property from some narrower arrangement that pools only the property itself while leaving whatever it later earns entirely to whichever partner originally owned that property.
The intention to divide is what defines the arrangement
The definition frames the whole arrangement around the intention of dividing the same among themselves — both the property and its profits. That shared intention to divide is the truly defining feature of this particular kind of partnership: partners are not simply pooling assets together for convenient joint management purposes, they are agreeing from the very outset that both the underlying property and whatever profits it happens to generate going forward belong to the partnership as a whole, to be shared among everyone rather than kept individually by each contributing partner.