TENANCY IN PARTNERSHIP refers to two or more people who are co-owners in a business. A GENERAL PARTNERSHIP is where the partners share all profits and losses and share management responsibilities. All partners must agree to a sale or transfer of San Diego, CA real estate. Each has a right to possess the partnership property. If a partner should die, his or her interest passes to any heirs who then have a right in the partnership, but not in any particular property. If an agreement cannot be reached with the heirs, the partnership may have to be dissolved.

In a partnership, the amount invested need not be equal but must be agreed upon mutually. The partnership agreement states the amount of money to be contributed by each, the duties of each and sets the proportional distribution of profits or losses.

A LIMITED PARTNERSHIP is one consisting of one or more general partners and limited partners. A limited partner's losses are limited to the amount of his or her investment. A limited partner does not share management responsibilities.

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