Ownership defines the legal right of an individual, corporation, group, or government to the possession of a thing/trademark. The ownership is of two types material and immaterial things. Material ownership is that which is tangible(touchable) like property, car, book, etc. Immaterial ownership defines intangible like copyright, trademark, patient, etc. Different Kinds of ownership are as follows.
Types of Ownership in jurisprudence law
There are many types of Ownership in-law/ kinds of business ownership:
- Corporeal ownership.
- Incorporeal ownership.
- Sole ownership.
- Co-ownership.
- Legal ownership.
- Equitable ownership.
- Trust and beneficial ownership.
- Vested ownership.
- Contingent ownership.
- Absolute ownership.
- Limited ownership.
Kinds of Ownership detail definitions
Definitions of all types of ownership are given below with examples.
Corporeal ownership:
Ownership of tangible nature things like land, property, goods, etc is called corporeal ownership. Example: Land, goods, etc.
Incorporeal ownership:
Ownership of intangible things is called incorporeal ownership. Example: Copyright, reputation, goodwill, etc.
Sole ownership:
Only one individual owner of land, property, etc is called sole ownership. Example: A person owns a factory.
Co-ownership:
When there are two or more owners of a property is called co-ownership. Example: Partnership of business among three partners.
Legal ownership:
A person who has legal ownership of a property can transfer it to the ownership of another party it is called legal ownership. For example, a lender who has lent money for a property is the legal owner of that property.
Equitable ownership:
Equitable ownership is a type of ownership in which the owner cans only benefit from the property that the buyer will use and enjoy. Example: If MR. A is the legal owner of a property and MR. B is the equitable owner. Then MR. A is not entitled to the use and enjoyment of the property whereas, MR. B doesn’t own the property but has the right to use and enjoy it, something which MR. A cannot do.
Trust and beneficial ownership:
Trust and beneficial ownership refer to a specific property right “use and Title” in equity. But the property owner is any other person. Example: If MR. x’s property is transferred to trustees to hold it for the benefit of the beneficiaries. It is not MR. X’s trust that owns the land or shares but the trustees of MR. X’s who owns it. So their names would be used as the trust and beneficiaries.
Vested ownership:
Vested ownership is complete and full ownership of the property. Example: Two people sharing ownership of a property. If one dies the other gets the gain of vested ownership of the property.
Contingent ownership:
A type of ownership in which the owner does not have the full claim to the property, but he can claim it on the fulfillment of some conditions. (These conditions are of two types namely condition precedent and condition subsequent. Condition Precedent is where on the fulfillment of it the title is completed. Condition subsequent is whenever on the fulfillment of it the title already completed is extinguished).
Absolute Ownership:
When we study the types of ownership the Absolute ownership is a free transferable property the owner can use as he/she is the legal ownership of property. Example: The mortgage of some property in a bank or financial institution.
Limited Ownership:
Limited ownership is a type of ownership Where the owner enjoys the right to use and enjoy the property for a limited period of time as long as some other person is alive.