No |
Co-ownership |
Partnership |
1. |
Co-ownership is not necessarily the result of agreement. |
Partnership is the result of agreement. |
2. |
Co-ownership does not necessarily involve community of profit or of loss. |
Partnership does involve community of profit or of loss. |
3. |
One co-owner can without the consent of others, transfer his interest, or in the case of land his equitable interest, to a stranger, so as to put him in the same position as regards the other owners as the transferor himself was before the transfer, except that in the case of a transfer by a joint tenant the stranger will become a tenant in common, or in the case of land a tenant in common in equity with the other owners. |
A Partner is in a much more restricted position. |
4. |
A co-owner is not as such the agent, real or implied, of the other co-owner. |
A partner is the agent of other partners so as far as concerns activities falling within the scope of the partnership, |
5. |
Before 1926, on the death of a co owner of free-hold land, the equitable as well as the legal interest in share was real estate. |
A deceased partner’s equitable interest in his share of partnership free-hold property was and still is treated as personal estate. |
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