What is the definition of a business organization owned by two or more individuals with shared responsibilities and profits?

The definition of a business organization that is owned by two or more individuals, where responsibilities and profits are shared, aligns perfectly with the concept of a partnership. In a partnership, two or more people come together to conduct business, sharing both the responsibilities of running the business and the profits generated from it.

This type of business structure allows for flexibility and combines the skills and resources of multiple individuals. It is often used by professionals such as lawyers, accountants, and architects, who can benefit from the diverse expertise of their partners.

In contrast, a corporation is a separate legal entity owned by shareholders, a Limited Liability Company (LLC) combines elements of both partnerships and corporations but has limited liability protections, and a sole proprietorship is a business owned and managed by a single individual, which does not fit the requirement of shared ownership.