A business that is owned and run by two or more people. Combines the skills capital and labor of multiple people for a profit.

• A. Corporation
• B. Sole Proprietorship
• C. Partnership
• D. Cooperative

Answer: (C)

Two or more people owning and operating a business by pooling their resources and labor to earn a profit is a partnership. In this arrangement, the partners share management responsibilities and profits (and losses) according to a formal agreement, allowing different skills and capital to come together to run the business. This differs from a sole proprietorship, which has a single owner; a corporation, which is a separate legal entity owned by shareholders; and a cooperative, which is owned by its users or members who benefit from its services and share profits based on participation or use. So the description best fits a partnership because it emphasizes multiple owners working together to manage the business and split profits.