tenancy in partnership

Definition of "tenancy in partnership"
  1. A type of tenancy where partners are bound to use partnership property exclusively for partnership activities and are not allowed to separately allocate their rights in the property
How to use "tenancy in partnership" in a sentence
  1. The agreement clearly states the rules of tenancy in partnership to prevent any misuse of the jointly owned assets.
  2. Due to tenancy in partnership, John could not rent out his share of the partnership property without the agreement of all other partners.
  3. The lawyer explained the concept of tenancy in partnership to ensure all partners understood their obligations regarding the use of their shared property.

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