Which business structure is owned by two or more individuals?

Which business structure is owned by two or more individuals?

• A. Corporation
• B. Sole Proprietorship
• C. Partnership
• D. Limited Liability Company

Answer: (C)

A partnership is a business structure owned by two or more individuals who share ownership and the responsibilities of managing the business. In a partnership, the owners, known as partners, collaborate to operate the business and typically agree on how profits and losses will be shared. This type of structure allows for a combination of skills and resources, enabling partners to enhance the business's potential success. In contrast, a sole proprietorship is owned by a single individual, making it unsuitable for this question. A corporation is a separate legal entity owned by shareholders, and typically it requires more complex regulatory compliance and structure than a partnership. A limited liability company (LLC) can be owned by one or more individuals but has a different liability structure and operational framework. These distinctions clarify why partnership is the correct answer, as it explicitly involves multiple individuals sharing ownership.

A partnership is a business structure owned by two or more individuals who share ownership and the responsibilities of managing the business. In a partnership, the owners, known as partners, collaborate to operate the business and typically agree on how profits and losses will be shared. This type of structure allows for a combination of skills and resources, enabling partners to enhance the business's potential success.

In contrast, a sole proprietorship is owned by a single individual, making it unsuitable for this question. A corporation is a separate legal entity owned by shareholders, and typically it requires more complex regulatory compliance and structure than a partnership. A limited liability company (LLC) can be owned by one or more individuals but has a different liability structure and operational framework. These distinctions clarify why partnership is the correct answer, as it explicitly involves multiple individuals sharing ownership.