Do we have joint ownership according to the law of property?

A joint ownership may imply that you own together a cabin, outfield, a bus used in the final year of secondary school, hunting and fishing rights or the like. 

If you own something jointly or have the right to use something together, you will often need an organisation number in order to obtain a bank account, joint insurance,  electricity agreement or the like. You will get this by registering as a joint ownership according to the law of property in the Central Coordinating Register for Legal Entities. Thus a joint ownership or right of use is being registered, to the co-owernship in the enterprise.

What is a joint ownership?

It is a way for two or several individuals to own one or more assets  together. It can be natural persons, or legal persons, such as a business or an organisation. A joint ownership has no rights or obligations in itself; it is the co-owners who are liable.

The co-owners have shared liability and each owns their undivided share, stated in percentages or fractions, that constitutes 100 percent of what is included in the co-ownership.

What cannot be registered as a joint ownership?

If you are going to run a business activity with the co-ownership, this will be regulated by the General Partnerships Act and you need to assess one of the types of organisation that must be registered in the Register of Business Enterprises. Please find information about other types of organisation here.

Do we have to register the joint ownership in the Register of Business Enterprises?

A joint ownership can only be registered in the Central Coordinating Register for Legal Entities. If you need to register in the Register of Business Enterprises, you must use another type of organisation.