Which of the following describes a partnership?

A partnership is indeed defined as a form of business where ownership is shared by two or more persons. This structure allows individuals to collaborate and pool their resources, skills, and efforts to run a business.

In a partnership, the partners share the profits, losses, and responsibilities of the business according to the terms of their partnership agreement, which can be formal or informal. This collaborative approach helps in leveraging the strengths of different partners and enables the business to benefit from multiple perspectives and expertise. Each partner usually has a role that contributes to the overall success of the enterprise, reinforcing the concept of shared ownership and mutual benefit.

Other options do not accurately describe a partnership. A business owned by one individual represents a sole proprietorship, a different business entity. A type of corporation limited by shares indicates a corporation structure, which functions differently than a partnership in terms of liability and ownership. Lastly, a joint venture limited to real estate transactions refers specifically to a cooperative undertaking between two or more parties for a specific project, but it is not the broad definition of a partnership that encompasses various business activities.