What is the term for a business structure involving two or more individuals sharing responsibilities and profits?

The term for a business structure involving two or more individuals sharing responsibilities and profits is a partnership. In a partnership, two or more people come together to run a business, pooling their resources, skills, and expertise to achieve common goals. Each partner typically has a defined role and shares in the decision-making process, as well as in the profits and losses of the business. This collaborative approach allows for a blend of knowledge and investment, which can be beneficial for growth and innovation.

In contrast, a sole proprietorship is owned and operated by a single individual, meaning there are no shared responsibilities or profits. A corporation, on the other hand, is a separate legal entity from its owners, offering limited liability to its shareholders, but it doesn't involve the shared responsibility aspect typical of partnerships. A franchise represents a different business model where an individual or group operates a business under the name of an established company, but again, it does not inherently involve a sharing of responsibilities and profits among multiple individuals like a partnership does.