Without a formal agreement stating otherwise, the assets of the partnership belong equally to all partners. If one partner works three day weeks and the other six day weeks, the profit from the harder working partner is shared with the other equally.
What is an owner under a cooperative form of ownership?
Owners of a co-op own shares of the cooperative instead of owning their unit outright, which would be the case in a condominium. With some co-ops, owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location, subject to approval by the co-op board.
What are examples of joint ownership?
- The customer added her cousin to the title on her property because she wanted it to stay in the family after she dies.
- The customer added his brother to the title on his boat.
- The customer's daughter added the customer's name to her property.
- The customer's friend added the customer's name to her property.
When three persons own a parcel of property with equal rights of use and possession?
The type of ownership that the three persons acquired is Tenancy in common. Tenancy in common (TIC) is a form of property ownership in which multiple individuals possess undivided interests in a single piece of property.
Are personal assets protected in a partnership?
As an asset-protection tool, a general partnership is one of the least-useful arrangements because each partner is personally liable for all of the debts of the partnership, including debts incurred by other partners on behalf of the partnership.
What is the legal term for co owner?
Ownership of real property by two or more persons is commonly referred to as “co-ownership,” “cotenancy” or “concurrent ownership.” There are four traditional forms of co-ownership in California: (a) tenancy in common, (b) joint tenancy, (c) partnership, and (d) community property.