What type of business is owned by 2 to 25 people?

A partnership is a type of business structure owned by two to 25 individuals, also known as partners. In a partnership, these partners share the responsibilities, profits, and losses of the business. This structure allows individuals to pool resources and skills, which can lead to improved decision-making and increased capital for the business.

In a partnership, each partner typically has a say in the management of the business, and the partnership agreement will outline the terms of the partnership, including how profits will be shared and what each partner's responsibilities are. This collaborative approach can be beneficial in terms of combining expertise and ideas, making partnerships an attractive option for small to medium-sized enterprises.

Larger businesses like corporations are owned by shareholders and can have many more than 25 owners, while a sole trader is owned by one individual. A joint venture usually involves a temporary partnership for a specific project between two or more businesses rather than a consistent ownership structure.