What term best describes the combination of business practices owned jointly by two or more individuals?

The term that best describes a business structure owned jointly by two or more individuals is "partnership." In a partnership, two or more individuals come together to share the responsibilities, profits, and legal obligations of a business. This arrangement encourages collaboration and allows the partners to pool their resources, skills, and expertise, leading to potential growth and increased efficiency in managing the enterprise. Partnerships can take various forms, such as general partnerships and limited partnerships, but they fundamentally involve shared ownership and mutual commitment to the business’s success.

In contrast, a corporation is a separate legal entity owned by shareholders, meaning the owners have limited liability and are not personally responsible for the debts of the corporation. A franchise refers to a business model that allows individuals or companies (franchisees) to operate a business under an established brand and system of operations owned by another entity (the franchisor). A sole proprietorship is a business owned and operated by a single individual, thus not involving joint ownership with others. Each of these terms distinctly characterizes different organizational structures and ownership dynamics.