Which term describes an association of two or more persons who carry on a business for profit as co-owners?

The term that describes an association of two or more persons who carry on a business for profit as co-owners is "Partnership." In a partnership, two or more individuals agree to manage and operate a business together, sharing profits and responsibilities. Each partner contributes resources—such as capital, labor, or expertise—and participates in the decision-making process. The nature of a partnership is defined by its intent to operate as a collective business venture where profits are shared according to the partnership agreement.

This arrangement not only emphasizes cooperation among co-owners but also creates a legal entity that allows partners to establish rights and obligations toward each other and the business. Various types of partnerships exist, including general partnerships and limited partnerships, but fundamentally, they all involve the collaboration and profit-sharing aspect of the co-owners.

Sole Proprietorship refers to a business owned and operated by a single individual, which does not fit the criteria of having multiple co-owners. A Corporate Entity is a separate legal entity created under state law and is owned by shareholders, which entails a different structure and function than a partnership. Limited Liability Company (LLC) is a hybrid entity that combines elements of partnerships and corporations, focusing on providing liability protection to its owners, but it does not specifically