Tenancy in Partnership

• A. Association of 2 or More Persons Joined Together for Business Purpose as Co-Owners
• B. A Corporation with Shareholders
• C. A Sole Proprietorship with a Partner
• D. A Trust Holding Business Assets

Answer: (A)

Tenancy in partnership is about property that is owned by a business partnership, not by any individual partner, but by the partnership as an entity. When two or more people join together to run a business, the assets they contribute are held by the partnership as co-owners, with each partner having an undivided right to the whole property for partnership purposes. This means profits and losses flow through to the partners via the partnership, and the property is managed for the joint business aims rather than for individual owners alone. The best description of this concept is an association of two or more persons joined together for business purposes as co-owners.

The other options describe different forms of ownership or organization (a corporation with shareholders, a sole proprietorship with a partner, or a trust holding assets), which are not tenancy in partnership.