Definition of property. 1a : a quality or trait belonging and especially peculiar to an individual or thing. b : an effect that an object has on another object or on the senses. c : virtue sense 2. d : an attribute common to all members of a class. 2a : something owned or possessed specifically : a piece of real estate.
Is property a liability?But properties can simultaneously be liabilities in some situations. Case in point: if a customer sustains an injury on a company's property, the business owner may be legally responsible for paying the injured party's medical bills. Property is any item that a person or a business has legal title over.
Who owns property?Persons can own property directly. In most societies legal entities, such as corporations, trusts and nations (or governments) own property. In many countries women have limited access to property following restrictive inheritance and family laws, under which only men have actual or formal rights to own property.
What is the meaning of common property?something at the disposal of a person, a group of persons, or the community or public: The secret of the invention became common property. an essential or distinctive attribute or quality of a thing: the chemical and physical properties of an element. Logic. any attribute or characteristic.
