Common Forms of Ownership

 Tenancy in PartnershipJoint TenancyCommunity PropertyTenancy in TrustTitle HoldingCommunity Property Right of SurvivorshipRegistered Domestic Partners
PartiesAny number of persons (can be husband and wife)Any number of persons (can be husband and wife)Only husband and wifeOnly partners (any number)Individuals, Groups of persons, partnerships or Corporations, a living trustIndividuals, Groups of persons, partnerships or Corporations, a living trustOnly partners that are registered with the California Secretary of State's domestic Partners Registry.
DivisionOwnership can be divided into any number of interests equal or unequalOwnership interests cannot be dividedOwnership interests equalOwnership interest is in relation to interest in partnership.Ownership is a personal property interest and can be divided into any number of interests. Ownership and managerial interest are equal.Ownership and managerial interests are equal (except control of business is solely with managing domestic partner).
TitleEach co-owner has a separate legal title to
his/her undivided interests
There is only one title to the whole propertyTitle is in the “community”Title is in the “partnership”Legal and equitable title is held by the trusteeTitle is in the “Community”
management is unified.
Title is in the "community." Each interest in separate but management is unified.
PossessionEqual right of possessionEqual right of possessionEqual right of possessionEqual right of possession
but only for partnership
purpose.
Right of possession as specified in the trust provisionsBoth co-owners have
equal management and
control
Both co-owners have equal management and control.
ConveyanceEach co-owners interests may be conveyed separately by its ownerConveyance by one co-owner without the
others breaks the joint
tenancy
Both co-owners must join
in conveyance of real property. Separate interests cannot be conveyed
Any authorized partner may convey whole partnership property for partnership purpose.Designated parties within the trust agreement authorize the trustee to convey property. Also a beneficiary’s interest in the trust may be transferred. Right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be served.Personal property (except "necessaries") may be conveyed for valuable consideration without consent of other partner; real property requires written consent of other partner, and separate interest cannot be conveyed except upon death.
Purchasers StatusPurchaser becomes a tenant in common with the other co-ownersPurchaser becomes a tenant in common with
the other co-owners
Purchaser can only acquire while title of community; cannot acquire a part of itPurchaser can only acquire the whole title.A Purchaser may obtain a beneficial interest by assignment or may obtain legal and equitable title from trust.Purchaser can only acquire whole title of community, cannot acquire a part of it.Purchaser can only acquire whole title of community; cannot acquire a part of it.
DeathOn co-owner’s death his interest passes by will or succession to his devisees or heirs. No survivorship rightOn co-owners death, his interest ends and cannot be willed. Survivor owns the property by survivorshipOn co-owners death half
goes to survivor in severalty. Up to half goes by will or succession to others (consult an attorney with specific questions)
On partner’s death his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate. Successor beneficiaries may be named in the trust agreement eliminating the need for probate.Upon the death of a spouse, his/her interest passes to the surviving spouse, without administration, subject to the same procedures as property held in joint tenancy.On co-owner's death 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant's devisee or by succession to survivor.
Successors StatusDevisees or heirs become tenancy in commonLast survivor owns property in severaltyIf passing by will, tenancy in common between devisee and survivor resultsHeirs or devisee have rights in partnership interest but not specific
property.
Defined by the trust agreement, generally the successor becomes the beneficiary and trust continues.Surviving spouse owns property.If passing by will, tenancy in common between devisee and survivor results.
CreditorsCo-owner’s interest may be sold on execution sale
to satisfy his creditor. Creditor becomes a tenant in common
Co-owner’s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in commonCo-owner’s interests cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife, depending on the debt
(consult an attorney)
Partner’s interest cannot be sized or sold separately by his/her personal creditor but his/her share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor. Creditor may seek an order for execution sale of the beneficial interest or may seek an order that the trust estate be liquidated and proceeds distributed.Property of community is liable for debts of either which are made before or after marriage: whole property may be sold on execution sale to satisfy creditor.Property of community is liable for debts of either partner, which are made before or after registration as domestic partners. Whole property may be sold on execution sale to satisfy creditor.
PresumptionFavored in doubtful cases except husband and wife (see community property)Must be expressly stated and properly formed. Not favoredStrong presumption that property acquired by husband and wife is communityArise only by virtue of partnership status in property placed in partnership.A trust is expressly created by an executed trust agreement.Must be expressly stated.Must be expressly stated.