Word: Ownership

Pronunciation

/ˈəʊnərʃɪp/

Definitions

Noun: The state, condition, or fact of being the owner of something; the right or act of possessing something.

Definitions in Detail

1. Legal Right: The legal right to possess, control, and dispose of a thing; the exclusive right of possession, enjoyment, and disposal of property.

   • Example: “The ownership of the house was transferred to her after her father’s death.”

2. Possession: The act, state, or experience of having or holding property or assets.

   • Example: “Ownership of a car comes with responsibilities such as maintenance and insurance.”

3. Control or Dominion: Power or authority over something, implying responsibility for its care and management.

   • Example: “The company’s new CEO took full ownership of the project and directed it to success.”

Phrases

• “Take ownership”: To accept responsibility for something, often implying accountability for any problems or successes related to it.

  • Example: “It’s important that each team member takes ownership of their assigned tasks.”

• “Joint ownership”: When two or more individuals have shared rights and responsibilities over a property or asset.

  • Example: “They decided on joint ownership of the vacation home to split costs and maintenance responsibilities.”

• “Transfer of ownership”: The process by which the legal title or rights of ownership of an item or property pass from one person to another.

  • Example: “The transfer of ownership of the business was completed last week.”

Example Sentences

• Noun: “He proudly displayed his certificate of ownership for the classic car.”
• “Establishing clear ownership structures is critical for any successful business venture.”
• “The sense of ownership employees felt towards the company translated into higher productivity levels.”

Synonyms

• Possession
• Title
• Control
• Dominion
• Tenure
• Propriety
• Property rights
• Holdings