Which statement defines a partnership?

A partnership is defined as a form of business where two or more persons co-own and conduct a business together. In this structure, the partners share in the profits and losses of the business, and they also typically share in the decision-making responsibilities. This collaborative approach allows for pooling resources, skills, and expertise, which can enhance the business's overall capacity to succeed.

The other options present different business structures. A business owned by one individual refers to a sole proprietorship, which is fundamentally different because it involves only one owner rather than multiple partners. A cooperative agreement among different businesses typically describes a joint venture or collaboration but does not specifically illustrate the relationship and shared ownership characteristic of a partnership. Lastly, a temporary business structure for joint ventures suggests a more transient arrangement, which does not reflect the ongoing nature of a partnership where the co-owners operate the business together over a longer period.