Question

James Smith and Bill Ross purchased a property together for their business venture with stated proportionate interest of 1/3 and 2/3 respectively without the right of survivorship. Each of them wants his share to be inherited by his wife. They are a partnership and not a corporation. James and Bill most likely took title as:_________

A) joint tenants.
B) tenants in common.
C) in severalty.
D) a general partnership.

Answer 1

B) tenants in common.

Step-by-step explanation:

There were two men, first was James Smith, and second was Bill Ross who bought a property mutually for their business venture by declared proportionate interest of 1/3 as well as 2/3 sequentially without the right regarding survivorship. Both of them want their shares to be acquired by their spouses'. Both hold a partnership but not a company. James, as well as Bill, most likely took the title as tenants in common. Because tenants in common possess versatility in whence they divide control as well as assign the rights concerning survivorship. Joint tenants, on the different hand, keep the property in similar shares while a common partnership is a business unit serving separate sharers. Severalty, as asserted beforehand, is individual ownership.