What do we call a business owned by two or more people?

A business owned by two or more people is termed a partnership. This entity structure allows multiple individuals to share the ownership, management, and profits of the business. Each partner typically contributes resources, capital, or expertise to the venture, and they share the responsibility for its liabilities and obligations. The partnership can be formalized through legal agreements that outline the terms of the business relationship, rights, and duties of each partner, which helps prevent misunderstandings and disputes.

The concept of a partnership emphasizes collaboration among its members, as opposed to a sole proprietorship where ownership and management belong to one individual. Also, partnerships can vary in structure, including general partnerships where all partners are actively involved, and limited partnerships, which include both general and limited partners who may not participate in day-to-day operations.

In contrast, a corporation refers to a business entity that is legally distinct from its owners, with its own rights and obligations. An association is a broader term that might refer to a group or organization formed for a specific purpose but does not necessarily imply a business ownership structure. Dual proprietorship is not a standard term in business ownership and does not accurately describe a partnership.