Partnership is result of an agreement but Co-ownership is not necessarily result of agreement, A partner cannot transfer his interest to stranger without consent of others but co-owner can transfer, A partner is agent of other but co-owner is not, A partner has lien on the thing owned by firm for expenses but co-owner doesn't, A partnership exist for gain but co-owner doesn't necessarily exist for gain, A partner cannot seek division of partnership n specie but co-owner has that right.
Well if we see in general then both of these terminologies seems to be the same. But there is a difference between them.The partnership is that when two persons or more do an agreement between themselves, on the profit and loss basis. They start a business in which all the partners invest there money on any type of business. And they take the profit or loss on equal or according to the percentage given in the agreement. Partnership can be on a real property or on a business-effort basis. It means that the investment is done by one partner, while the effort or the business runner is another partner.
While on the other hand, the Co-Ownership is a different thing, it has some points which are related to the partnership but still different; it means that a property has two owners. It means that there is a home or building which has two real owners. Co-Ownership is base on the equity. In many cases two brothers or husband wife, are owner of a single home or building. Then it means that it is Co-Ownership.
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Co-ownership is a legal concept where two or more co-owners share the legal ownership of a property.
Co-ownership of any property does not by itself constitute a partnership between the co-owners even though they share the profits arising from it.
A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business. When two or more persons determine their rights and duties to run any legal business under a contract it is called “Partnership Business.”
