A business owned by two or more joint owners, or partners, who share the responsibilities and the profits of the firm and are individually liable for all the debts is a(n)

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A partnership is a business structure in which two or more joint owners or partners share the responsibilities and profits of the firm and are individually liable for all the debts. This type of business structure is common in small businesses and can offer several advantages, such as shared responsibilities and skills, and shared financial burden.

A Business Owned by Two or More Joint Owners, or Partners