What is a ‘joint’
Joint is a legal term that describes an agreement or a transaction in which two or more parties act in unison.
Breaking down the ‘joint’
In addition to the related to accounts or ownership of immovable property, joint can also refer to responsibility. There is joint and several liability in situations where two or more people share the burden of debt. For example, if a husband and wife have joint and several liability for a debt, each is liable for the entire amount of debt. Joint and several liability, on the other hand, the limit of liability for the respective obligations of each person.
Examples of joint
Joint, as the term may be used in a variety of situations, including:
- joint accounts where two or more parties share a single account such as a Bank or brokerage account. In this case, the law considers that both parties should be equal owners, regardless of who started the account and who is making more money. The owners can spend or transfer funds to other accounts without the consent of the other account holder. Most joint accounts have a right of inheritance, which means that if the account holder dies, the other automatically retain the rights to the cash account.
- co-housing is where two or more parties have equal shares of ownership in the property with the same deed at a time. This type of possession title is most common between spouses and between family members, as there are inheritance rights similar to the joint account. This differs from the General lease, under which tenants can have different ownership shares that can be received at different times.
- joint annuities such as joint and pensions for loss of breadwinner, insurance products that continue regular payments until one person is alive. Joint and survivor annuity must have two or more persons. It is usually a wise choice for couples who want to ensure that in the event of death, the surviving spouse receives regular income for life, although the monthly payments are usually reduced by one-third or half the surviving dependent.
- joint ventures, where two non-affiliated companies contributions financial and/or material values, as well as personnel in the new company. Although a joint venture is generally thought of as partnerships, they can take on any legal structure. Corporation, partnership, limited liability company (LLC) and other business entities may be involved in the joint venture agreement, which take into account: the number of parties in the region in which the joint venture will operate, the conditions to each party’s role and contribution, the ownership is divided, and how the joint venture will be managed, operated and working.