What defines the tenancy in partnership?

Tenancy in partnership refers to the nature of ownership and rights that partners have regarding partnership property. The concept primarily highlights that all partners collectively own the partnership's assets rather than individually owning specific shares.

The first option states that each partner is the sole owner of their share. In a partnership, assets are owned collectively by all partners, and partners have an equal right to use partnership property for partnership purposes, not individually. However, this choice aligns closely with the notion that while partners collectively own the property, each has an interest that can be viewed as a personal ownership of their share of the business's total interests.

The other options diverge from this core idea. Specifically, the second option suggests that partners have specific ownership rights over all property, which implies a level of individual ownership that does not fully capture the essence of tenancy in partnership. The third option indicates that each partner owns a percentage of the partnership property individually, which misinterprets the collective ownership framework of materials in a partnership. Lastly, the fourth option regarding partners not using property for personal use mistakenly implies a restriction that does not inherently reflect the nature of partnership rights in managing partnership property.

Thus, the correct answer encapsulates the principle of shared ownership among partners, emphasizing their collective stake in