What is a business structure called when there are two or more people involved?

The term that describes a business structure involving two or more individuals working together is known as a partnership. In a partnership, the parties agree to share the responsibilities, profits, and liabilities of the business. This arrangement allows for the combination of resources, skills, and networks of multiple individuals, which can enhance the business's potential for growth and success.

In contrast, a sole proprietorship is a business owned and operated by a single individual, which does not meet the criteria of involving multiple people. A joint venture, while it does involve two or more parties, typically refers to a temporary or project-specific collaboration rather than an ongoing business structure like a partnership. A corporation is a more formal business entity that can be owned by multiple shareholders but is distinct from a partnership in terms of legal structure and operational complexities. The partnership model is noted for its simplicity and ease of formation, making it a popular choice for many small to medium-sized enterprises.