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Common vs Personal Assets

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COMMON ASSETS   A common asset is something owned jointly by two or more people — often by family members, business partners, or members of a group. Everyone who owns it has shared rights and sometimes shared responsibilities . Examples: Office equipment shared by business partners PERSONAL ASSETS A personal asset is something that belongs to one individual only . That person has full ownership, control, and responsibility for it. Examples: An asset owned and controlled by one person only.
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