Two or more people sharing ownership of a single business is defined as what?

The concept refers to a partnership, which is a specific business arrangement where two or more individuals share ownership and management responsibilities of a single enterprise. In a partnership, the partners contribute resources, share profits and losses, and have joint decision-making authority regarding the business operations.

Partnerships can be formalized through contracts, which outline the terms of the partnership, including capital contributions and profit-sharing ratios. This structure allows for greater flexibility in management compared to corporations, where ownership is divided among shareholders. Partnerships are fundamental in various professional fields, including law, accounting, and medicine, as they provide a collaborative framework for businesses.

Other options describe different entities or concepts that do not accurately involve shared ownership in the same manner. A corporation, for instance, is a distinct legal entity owned by shareholders, who may not be involved in daily management. An association typically refers to a group of individuals united for a common purpose but does not imply ownership of a business. A dual proprietorship could imply an arrangement between two individuals but lacks the legal recognition that a formal partnership possesses.