What is a key characteristic of a corporation owning property?

A corporation is a distinct legal entity that can own property in its own name, separate from its shareholders. One key characteristic of a corporation is limited liability, which protects the personal assets of its shareholders from being used to satisfy corporate debts or liabilities. This means that shareholders are only at risk of losing their investment in the corporation, rather than their personal assets.

Regarding the ownership structure, a corporation cannot take title in joint tenancy because joint tenancy is a form of ownership designed for individuals, typically involving two or more persons. Joint tenancy includes the right of survivorship, where the interest of a deceased owner automatically passes to the surviving owners. Since a corporation is a separate legal entity and does not function as an individual, it cannot engage in joint tenancy. Instead, it holds property in a manner most conducive to its status as a corporation, such as outright ownership or tenancy in common with other entities or individuals.

In summary, a corporation's ability to own property is characterized by its limited liability, and it cannot hold title through joint tenancy, making it distinct from individual property ownership arrangements.