Joint
Joint is a legal term describing a transaction or agreement where two or more parties act in unison. Corporations, partnerships, limited liability companies (LLCs) and other business entities can all be involved in joint ventures, the agreements of which take into account: the number of parties involved, the scope in which the joint venture will operate, the terms of each party’s role and contribution, the ownership split, and how the joint ventures will be administered, managed and staffed. Joint, as a term, can 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. Joint is used in many situations ranging from joint accounts to joint ventures. Most joint accounts have rights of survivorship, which means that if one account holder dies, the other will automatically retain rights to the account funds.
What Is Joint?
Joint is a legal term describing a transaction or agreement where two or more parties act in unison.
Understanding Joint
In addition to pertaining to accounts or ownership in real property, joint can also refer to liability. Joint liability exists in situations where two or more people share the burden of a debt. For example, if a husband and wife have joint liability for a debt, each is responsible for the entire amount of the debt. Several liability, on the other hand, would limit liability to each person's respective obligations.
Examples of Joint
Joint, as a term, can be used in a variety of situations, including:
Related terms:
Annuities: Insurance for Retirement
An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. read more
Joint Tenancy
Joint tenancy is a legal arrangement in which two or more people own a property together, each with equal rights and obligations. read more
Joint Account
Learn more about a joint account, a bank or brokerage account that is shared between two or more individuals. read more
Joint and Survivor Annuity
A joint and survivor annuity is an insurance product for couples that continues to make regular payments for as long as either spouse lives. read more
Joint Owned Property
Joint property is any property held in the name of two or more parties. read more
Joint Venture (JV)
A joint venture (JV) is a business arrangement where two or more parties pool their resources for the purpose of accomplishing a specific task. read more
Joint Tenants With Right of Survivorship (JTWROS)
Joint tenants with right of survivorship (JTWROS) is a type of property ownership giving co-owners survivorship rights upon another property owner’s death. read more
Limited Liability Company (LLC)
A limited liability company (LLC) is a corporate structure that protects its investors from personal responsibility for its debts or liabilities. read more
What Is Property?
Property is anything tangible or intangible over which a person or business has a legal title. Discover more about the term here. read more