When it comes to tangible property, it is often divided into real property and personal property. What is the personal property? What is real property? What are the different types of concurrent ownership of real property one can have? Which type of concurrent ownership is best? How should property be “owned” by a business? Thoughts?

Personal property can be defined as a type of property that entails any asset apart from the asset that is real. The main factor that differentiates between real assets and personal property is that personal property is mobile, that implies that it is not permanently fixed to any location. Real property is simply a land or it means any asset that is connected to it. It is normally any land subset that has been developed through human activities. The various types of concurrent ownership that exists include community property, entirety tenancy, tenancy in common and joint tenancy with the right of survivorship (Helpman, 2012). The best concurrent ownership is the joint tenancy with the rights of survivorship. This is because this type of ownership is famous in most states. Business entities can own property directly. Or in other situations, individuals can own property. This is because most properties are passed on from the parents to their offspring.

References

Helpman, E. (2012). Innovation, imitation, and intellectual property rights (No. w4081).

National Bureau of economic research.

Still stressed from student homework?
Get quality assistance from academic writers!