Joint ownership according to the law of property
Last updated: 26 July 2017 .
A joint ownership according to the law of property is a type of entity where two or more persons (natural persons or legal persons, public or private) can own one or more items of property. A joint ownership according to the law of property is not a legal person, like for instance a limited company, a general partnership or an association. The co-owners are responsible, thus the entity itself does not have any rights or obligations.
The co-owners have shared liability, and own one undivided interest each, i. e. one part each, given in percentage or fraction. The co-owners altogether own 100 per cent of all assets in the entity.
In a joint ownership according to the law of property it is the ownership itself which is registered, not the running of it or a common interest.
If the entity is running a business activity, it should not register as a joint ownership according to the law of property, but rather as a company in the Register of Business Enterprises. This is regulated by the General Partnerships Act.