Partnership Vs. Co-Ownership or joint ownershipi.e. the relation which subsists between persons who own property jointly or in common.
|
Basis
of diuerence
|
Partnership
|
Co-ownership
|
|
Formation
|
Partnership always arises out of a contract, express or
implied.
|
Co-ownership may arise either
from agreement or by the operation of law, such as by inheritance.
|
|
Implied agency
|
A partner is the agent of the other partners.
|
A
co-owner is not the agent
of other co- owners.
|
|
Nature
of interest
|
There is community of interest
which means that profits and losses must
have to be shared.
|
Co-ownership does not necessarily
involve sharing of profits and losses.
|
|
Transfer
of interest
|
A share in the partnership is transferred only by the
consent of other partners.
|
A co - owner may transfer his
interest or rights in the property
without the consent of other co-owners.
|
No comments:
Post a Comment