Final answer:
Joint owners are individuals who collectively own property or share ownership of a business. Examples include joint tenancy in property ownership and partnerships in business.
Step-by-step explanation:
In the context of property ownership, joint owners refers to individuals who collectively own property. Joint ownership can be established through various legal mechanisms such as joint tenancy, tenancy in common, or as partners in a business. In joint tenancy, each owner has an equal share and right of survivorship, meaning that if one owner passes away, their share automatically transfers to the surviving owner(s).
For example, Sharon Kowalski and Karen Thompson were joint owners of the house they bought together. They had a legal and financial interest in the property as co-owners until Kowalski's incapacitation.
In a business partnership, two or more individuals can be joint owners of a business. They share in the responsibilities, profits, and decision-making of the business.
Therefore, joint ownership can exist in various contexts, including property ownership and business partnerships.