Question

Kim, Chris, and Beth are all partners in a cosmetics firm. Kim is leaving the partnership and wants to sell her shares of the business, including the property owned by the partnership, to Chris and Beth. The remaining partners are not interested in buying Kim’s interests. Kim has been unable to find a buyer for her share of the partnership. She has now resorted to asking the court to either sell her shares or sell the entire property. What form of concurrent ownership applies?a. Partition Law Suitb. Tenants in Commonc. Joint Tenancyd. Separate Ownership

Answer 1

Answer: Joint Tenancy

Step-by-step explanation:

Based on the information that is given in the question, the form of concurrent ownership that applies is the joint tenancy.

Joint tenancy occurs when two or more individuals own thesame property. As a result, the joint tenants that is, the individuals who own the property share an equal ownership and also have equal right on the property.