What do we call a business that is owned and operated by two or more people?

A business owned and operated by two or more people is referred to as a partnership. This structure allows individuals to pool their resources, share responsibilities, and combine skills to achieve common business goals. In a partnership, partners typically contribute capital, share profits, and may also take on different roles within the organization according to their expertise and agreement among themselves.

This model contrasts with a sole proprietorship, where one individual is the sole owner and responsible for all aspects of the business. A corporation, on the other hand, is a legal entity separate from its owners, providing them with limited liability, while a cooperative is an organization owned and operated by a group of individuals for their mutual benefit, often focusing on specific sectors or communities. Understanding these distinctions is crucial in the study of business structures and their implications for ownership and operation.