coowner

A coowner is an individual who holds an ownership interest in property or a business with one or more other persons. Ownership can be equal or unequal and may be held through various legal forms, such as tenancy in common, joint tenancy, partnerships, or as members of a limited liability company or corporation. In real estate and other forms of property, coowners hold an undivided interest and typically have the right to occupy and use the property, subject to the interests of the other owners.

In real estate, coowners share costs such as mortgage payments, property taxes, insurance, and maintenance, and may receive income or incur expenses in proportion to their ownership shares or as otherwise agreed. Decisions about use, leasing, improvements, or sale may require consent of the coowners; in some arrangements, a right of survivorship applies to surviving coowners upon a member’s death, while others provide for inheritance to heirs.

In business or venture contexts, coowners may be partners, members of an LLC, or cofounders. They typically owe fiduciary duties to the entity and to each other, though duties and liabilities vary by structure. In partnerships, partners may face personal liability for debts; in corporations or LLCs, liability is usually limited to the investment. Profit, loss, and voting rights are generally governed by the applicable agreement and ownership percentage.

Coownership is typically governed by written agreements that define ownership shares, voting rights, profit and loss allocations, transfer restrictions, and dispute resolution. Buy-sell provisions can enable a fair exit when a coowner wishes to leave or when relationships deteriorate. Valuation methods, notice periods, financing for a buyout, and procedures for dissolution or partition are commonly outlined to reduce conflict and simplify transfers.