A Tenant in Common

question 9

Multiple Choice

A tenant in common

• A) has survivorship rights.
• B) can sell his interest and bind his co-tenants.
• C) cannot sell his interest without the consent of his co-tenants.
• D) can sell his interest separately.

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Definitions:

Express Powers

Powers explicitly granted to an entity or individual by statutes or in a legal document, such as a constitution or contract.

Double Taxation

The imposition of tax on the same income, asset, or financial transaction at two different levels of government, for example, corporate profit followed by personal income tax on dividends.

Perpetual Existence

A feature of corporations allowing them to continue indefinitely, beyond the lives of their owners or members.

Articles Of Incorporation

Document filed with a state government to legally document the creation of a corporation, outlining key details such as name, purpose, and structure.