Final answer:
A partnership involves joint ownership and shared profits and losses among partners.
Explanation:
Partnership: A business owned jointly by two or more individuals who share in the profits and are jointly responsible for losses.
In a partnership, each partner contributes to the business's success and is liable for its debts. This structure allows for shared decision-making, financial responsibilities, and profits among the partners.
Unlike a corporation, a partnership does not have a separate legal identity from its owners, making the partners personally liable for the business's obligations.
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