Joint tenancy is a situation where two or more people own a property or assets. The two are bound together by a legal agreement that they sign, that has recommendations and directives that dictate the partnership.
Each partner has an obligation to meet, for the benefit of the property ownership.
They each have a responsibility as in most cases they have equal shares to the property, which in most cases is held under the same title and deed. This type of tenancy is common in married couples.
The way it works, when the property is jointly owned, when one party dies, the other has a right to survivorship. It means the surviving partner automatically becomes the owner of the property or business.