Chapter 6 Flashcards
Corporation
A vehicle used to carry on business with its owners having liability only to the extent of their stock ownership; considered to be an individual or separate entity.
Partnership
A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions.
Joint Tenancy
Ownership by two or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property; each owner is possessed of an undivided part of the whole.
Land Trust
A device to hold title to land in a trust with the beneficial ownership held by the landowner.
Personal property, not real property
Limited Liability Company
A newer form of ownership besides proprietorship, partnership, corporation, and so forth. Similar to a corporation, but no perpetual existence and single taxation.
Limited Partnership
A partnership composed of general and limited partners whose contribution and liability are limited and specifically defined.
Partition
Court proceedings by which co-owners of commonly-owned property seek to sever their common ownership; not with tenancy of entirety.
Reciprocal Beneficiaries
By following strict rules, people who couldn’t otherwise marry are given certain rights of those who can.
Must be 18
Not married
Tenancy by the Entirety
A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sop ownership upon the death of either partner.
Tenancy in Common
Ownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interest need not be equal, and each owner is possessed of the whole of an undivided part.
Severalty
Sole or independent ownership.
Undivided Interest
Title to property owned by two or more persons, none of whom are entitled to claim or possess any specific part.
