term1 Definition1term2 Definition2term3 Definition3
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limited liability company
more than one owner
there are two forms of ownership by more than one owner. With either form, each owner has the right to full access & use of the property.
tenancy in common
ownership by two or more without rights of survivorship. With tenancy in common, each tenant in common may have a different percentage of ownership in the property. If an owner dies, his interest is disposed of according to his will to his DEVISEES or TO HIS HEIRS under the statues of decent & distribution, not the other owner as with joint tenancy. If the deed conveying the property conveys to two or more with nothing else being stated, we know the ownership is tenancy in common because the creation of joint tenancy must be specifically stated in the deed of conveyance, that all agree to take ownership as joint tenants.
tenancy in common with a separate agreement for use is a time share
individual owners will use the property for a specific amount of time for specificed number of years
joint tenancy
ownership of REAL PROPERTY by tow or more person, each of whom has an undivided, equal, ownership interest WITH the right of survivorship. If one dies, the remaining joint owners equally share the portion previously held by the joint tenant died. To establish joint tenancy the deed must specially state the intent to take ownership as JOINT TENANTS. As joint tenants dies, THE LAST REMAINING SURVIVOR WILL TAKE OWNERSHIP IN SEVERALTY & becomes the sole owner.
Tenancy by the Entirety
ownership by a husband & wife with rights of survivorship
in trust
ownership by a third person for the benefits of another. The trustor covey's property to a trust, the trustee holds & manages the trust fro the benefit of the beneficiary. The TRUSTEE is a FIDUCIARY TO THE BENEFICIARY & must act in the beneficiary's best interest. If the trustor coveys REAL PROPERTY to a trust is is a DEED IN TRUST. Don't confuse this term with a DEED OF TRUST.
partnership
an association of two or more people who operate a business an co-owners & share in the business profits & losses
limited partnership
one party (the general partner) organizes, operates & is responsible for the entire syndicate. The other members of the partnership are passive investors with no voice in the organization & direction of the organization (limited partners). Each limited partner stands to lose only as must as he/she invested. The general partner is totally responsible for any excess losses incurred by the investment.
general partnership
all partners participate in the operation of the business & may be held personally liable for business losses & obligations.
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