What is it called when a business is owned by two or more people?

Answer 1

When a business is owned by two or more people, it is called a partnership. In a partnership, the owners share the profits, losses, and responsibilities of the business. There are different types of partnerships, such as general partnerships where all owners have equal responsibility, and limited partnerships where there are both general partners and limited partners with different levels of liability.

Answer 2

Well, darling, when a business is owned by two or more people, it's called a partnership. Yep, it's like a little business marriage, but without the romance and flowers. Just a bunch of folks trying to make some money together.

Answer 3

When a business is owned by two or more people, it is called a **partnership**.

There are different types of partnerships:

1. **General Partnership (GP)** – All partners share equal responsibility, liability, and management.

2. **Limited Partnership (LP)** – Includes general partners (who manage and are liable) and limited partners (who invest but have limited liability).

3. **Limited Liability Partnership (LLP)** – All partners have limited liability, protecting them from debts and lawsuits against the business.

Partnerships allow shared responsibility and resources but require clear agreements to avoid conflicts.

Answer 4

A business that is owned by 2 or 20 people is called a partnership. A business that is owned by 2 or 50 people is called a private company and a business that is owned by unlimited number of people is called a public company.

Answer 5

Partnership