How does a corporation typically own property?

A corporation typically owns property in severalty, meaning that the corporation itself is viewed as a single legal entity distinct from its shareholders. This allows the corporation to hold title to assets in its own name, separate from the individuals who own shares of the company. This legal structure provides multiple advantages, such as limited liability for shareholders, meaning that shareholders are not personally responsible for the corporation's debts or liabilities, thus protecting their personal assets.

This ownership mechanism consolidates the management and control of the property under the corporation's governance and decision-making processes, facilitating easier transfer of ownership, asset management, and financing options without needing to involve the individual shareholders directly for each transaction.

In contrast, the other options outline concepts that do not apply to corporate property ownership. Shareholders owning property in their own names doesn't reflect how a corporate structure functions. Community property typically applies in the context of marriage, not corporate ownership. Lastly, partnerships, while another method of owning property, are distinctly different from the corporate structure, as partnerships involve two or more individuals or entities and do not provide the same level of liability protection as a corporation.