Which term refers to a legal arrangement where two or more people share ownership?

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Multiple Choice

Which term refers to a legal arrangement where two or more people share ownership?

Explanation:
Shared ownership is the defining idea here. A partnership is a legal arrangement where two or more people own a business together and share its profits, losses, and day-to-day management according to an agreed plan. In a general partnership, each partner is typically personally liable for the business debts, while a limited partnership can place liability on some partners. This differs from a sole proprietorship, which has one owner; a corporation, owned by shareholders and treated as a separate legal entity; and a franchise, which is a licensing/operating model rather than a fundamental ownership structure. So the term that fits best is partnership.

Shared ownership is the defining idea here. A partnership is a legal arrangement where two or more people own a business together and share its profits, losses, and day-to-day management according to an agreed plan. In a general partnership, each partner is typically personally liable for the business debts, while a limited partnership can place liability on some partners. This differs from a sole proprietorship, which has one owner; a corporation, owned by shareholders and treated as a separate legal entity; and a franchise, which is a licensing/operating model rather than a fundamental ownership structure. So the term that fits best is partnership.

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