Which of the following describes a partnership?

A partnership is defined as a business structure in which two or more individuals come together to share the ownership and profits of a business. This arrangement allows partners to pool their resources, skills, and expertise to operate the business, making it a collaborative effort rather than the work of a single individual.

In a partnership, the owners, known as partners, have shared responsibilities and typically also share in the risks and liabilities associated with running the business. This can lead to greater innovation and efficiency since partners can leverage each other's strengths. Additionally, profits generated by the partnership are typically distributed among the partners based on their agreement, enabling them to benefit jointly from the success of the enterprise.

The other options refer to different business structures: a sole proprietorship represents a single owner, a corporation is owned by shareholders with limited liability, and a nonprofit organization focuses on community service without profit distribution. Each of these structures has unique characteristics that distinguish them from a partnership.