Partnership is the organization comprised of two or more persons combining to carry-on as co-owners of a business for profit.

Partnership is the organization comprised of two or more persons combining to carry-on as co-owners of a business for profit.

• A. Corporations
• B. Partnership
• C. Sole Proprietorship
• D. Secretary of State Records

Answer: (B)

A partnership is a business form where two or more people join together to operate and share profits as co-owners. This structure centers on joint ownership and shared responsibility for the business, exactly matching the description of two or more persons combining to run a for-profit venture. This differs from a corporation, which is a separate legal entity owned by shareholders and typically managed by a board; from a sole proprietorship, which has a single owner; and from Secretary of State Records, which isn’t a type of business organization but the state office that registers business entities.

A partnership is a business form where two or more people join together to operate and share profits as co-owners. This structure centers on joint ownership and shared responsibility for the business, exactly matching the description of two or more persons combining to run a for-profit venture.

This differs from a corporation, which is a separate legal entity owned by shareholders and typically managed by a board; from a sole proprietorship, which has a single owner; and from Secretary of State Records, which isn’t a type of business organization but the state office that registers business entities.