Community property, joint tenancy and tenants in common are all forms of co-ownership. Ownership in severalty is one owner, one person, or one corporation, etc. (The key word is “sever” not “several”.)

Tenancy in severalty is an exclusive and separate right of possession or ownership, unshared with others (although the “person” for legal purposes that owns the property could be a corporation). Or in simpler terms, it is sole ownership of a property.

Ownership in severalty means one person owns the property. Think of the word “severed,” separated from, rather than the word “several,” meaning more than one. Ownership in severalty means one person owns the property.

Real estate may be owned in severalty or may be owned by multiple co-owners who take title together as joint tenants or as tenants in common. Property may instead be owned by a business, like a partnership, a corporation, an LLC or syndication.

But what does jointly mean in terms of property ownership and why should you care? There are two types of property ownership; property can be held as either joint tenants or tenants in common.

Business ownership can take one of three legal forms: sole proprietorship, partnership, or corporation.

5 Types of Business Ownership (+Pros and Cons of Each)

• Sole proprietorship.
• Partnership.
• Limited liability company.
• Corporations.
• Cooperative.

If you want sole or primary control of the business and its activities, a sole proprietorship or an LLC might be the best choice for you. You can negotiate such control in a partnership agreement as well. A corporation is constructed to have a board of directors that makes the major decisions that guide the company.

The Most Profitable Business by Sector:

• Accounting = 18.4%
• Lessors of Real Estate = 17.9%
• Legal Services = 17.4%
• Management of Companies = 16%
• Activities Related to Real Estate = 14.9%
• Office of Dentists = 14.8%
• Offices of Real Estate Agents = 14.3%
• Non-Metalic Mineral and Mining = 13.2%

The 7 most common types of businesses: Sole Proprietorship: The simplest type of business. Sole proprietorships are owned by a single person and are very easy to set up. Partnership: A business owned by two or more people who share responsibilities and profits. Limited Partnership: A type of partnership with investors.

A sole proprietorship is the easiest type of business to establish which means that there’s no state filing required. It is simply an enterprise owned and operated by an individual. By default, once you start selling goods or services, you have created a sole proprietorship.

The type of business best for Juanita to start as a sole proprietorship. This type of business is to purchase or rent the required equipment for the business.

You have five basic choices: a sole proprietorship, a partnership, a limited liability company or a corporation–either an S corporation or a C corporation. Restaurants–and most small businesses, for that matter–should choose an LLC structure. Setting up an LLC protects you from personal liability.

Advantages of a corporation include personal liability protection, business security and continuity, and easier access to capital. Disadvantages of a corporation include it being time-consuming and subject to double taxation, as well as having rigid formalities and protocols to follow.

Sole Proprietorship

Corporations may be private or public, and may or may not have stock that is publicly traded. They may raise funds to finance their operations or new investments by raising capital through the sale of stock or the issuance of bonds. Those who buy the stock become the owners, or shareholders, of the firm.

The biggest disadvantage of a sole proprietorship is that there is no separation between business assets and personal assets. This means that if anyone sues the business for any reason, they can take away the business owner’s cash, car, or even their home.

Sole Proprietorships also have liability and functional disadvantages compared to other business entities. The biggest disadvantage of a sole proprietorship is the potential exposure to liability. In a sole proprietorship, the owner is personally liable for any debts or obligations of the business.

Double taxation usually refers to the income taxes imposed on corporate earnings and dividends. Sole proprietorships are not considered tax entities separate from their owners, so owners do not face double taxation.