What is a business owned and controlled by two or more people?

A business owned and controlled by two or more people is typically referred to as a partnership. In a partnership, the owners share responsibilities, profits, and liabilities according to the terms outlined in their partnership agreement. This structure allows for collaborative decision-making and pooling of resources, but it also means that each partner is personally liable for the debts and obligations of the business. Partnerships can vary in type, including general partnerships and limited partnerships, depending on the level of involvement and liability of each partner.