The major difference between a partnership a co-ownership may be noted:
1. Mode of creation:
Partnership necessarily arises from contract. But co-ownership may arise from contract or from the operation of law or from status.
Business:
Partnership exists for carrying on some business and to share the profits c: such business- Co-ownership may not lead to business activities for the purpose of profit.
Nature of interest:
Partnership involves community of interest, whereas co-ownership cay not necessarily involve any such interest.
Transfer of shares:
A partner cannot transfer his shares to an outsider without the consent of all the other partners. A co-owner can do so.
Number of members:
In partnership, the maximum number of members cannot exceed 10 in banking business and 20 in any other type of business, whereas there is no maximum limit of members in case of co-ownership.
Agency relationship:
A partner acts as an agent and can bind the firm for his acts in the ordinary course of business. A co-owner is not an agent of the other co-owners.
Partition of joint property:
A partner has no right to demand partition of joint property in specific but he can sue his co-partners for dissolution of the firm and accounts. A c 3-owner is entitled to sue for the partition of the joint property.
Lien for expenses:
A partner has a lien on the partnership property for the expenses incurred by him on such property on behalf of the firm. A co-owner has no such lien for expenses incurred or payment of a common debt.
Regulating law:
Partnership is governed by the Indian Partnership Act, 1932 but there is no statute law to govern co-ownership.
shareholder
The different ownership types in general aviation include co-ownership (ownership by more than one person), partnership (similar to co-ownership but profit oriented),cooperative ownership by a cooperative, and fractional ownership.
Articles of Partnership generally cover most aspects of a business co-ownership between two people. The only thing not covered by the partnership articles is the buyout price of the company.
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Profit sharing and co ownership of labour
What is the difference between an independent co-executor and a co-executor
No, a co-signer does not have ownership rights to the property unless stated in the agreement. Taking the property without permission would generally be considered a violation of the co-signing arrangement and potentially illegal.
The motive of a partnership is to make profit while in co-oprative society is to improve the economic interests of membres.
I am looking for a template for a co-ownership agreement on a house...does anyone know where I can find one that is FREE???cheryl@blumcia.com
Often a question of control. Primary owner may retain majority interest and let one or more co-owners have limited vote in proportion to percentage ownership.
"Inc" stands for "Incorporated" and is typically used in the United States to indicate a corporation. "Co Ltd" stands for "Company Limited" and is typically used in the United Kingdom and other Commonwealth countries to indicate a limited liability company. Both terms indicate that the business is a separate legal entity from its owners.
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.