Joint ownership of property in and of itself does NOT create a partnership.

Question

Quizplus · Accepted Answer

Joint ownership of property is a form of co-ownership and does not necessarily involve the elements of a partnership, such as sharing profits and losses, mutual agency, and a business purpose. However, if the co-owners use the property for a commercial venture or jointly operate a business, they may form a partnership or another form of business entity.

Joint Ownership of Property in and of Itself Does NOT