BUS 23 Lecture Notes - Lecture 2: Natural Person, Legal Personality, Concurrent Estate
28 Nov 2020
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Corporation - body of person treated by law as a single "legal person" (ex) to show ownership by severalty: natural person, real person. Or: legal person, charter granted by state. "urban analysis inc, a corporation: sometimes, married people want to keep ownership to certain properties as separate property (in severalty): "mary smith, married woman, as her sole and separate property" "jim smith, married man, as his sole and separate property" Tenancy in common (co-ownership - unity of possession) Tenancy in common - when 2+ people own property together with the right to will/sell it. All tenants in common have unity of possession - each have right to occupy property. Gives all owner a share of income and expenses of property. ** tenancy in common gives all owners a share of income and expenses of prop ** Each owner can sell/transfer their interest separately from the others. If owners do not agree -> best to sell property and divide profits.
