A property is a ledger. A property profile is set up:
§ when there is more than one owner for tax reporting purposes
§ when one owner of multiple units wants a separate check for each unit
§ when one owner of multiple units wants complete separate financial accounting for each unit
§ when one owner has more than one multi-unit building (each building is setup as a property)
If it is used as a partnership with two or more owners then the ownership percentage is computed based on the number of shares each owner holds. There is no limit to the number of owners in a property (partnership) nor the number of properties an owner can be in.
The property is a vehicle for collecting, distributing income and reporting for a unit or group of units that are owned by more than one individual.
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