A for-profit business entity jointly owned by two or more persons who share ownership and profits or losses, although not necessarily on an equal basis.

• A. Unincorporated association
• B. Limited liability partnership
• C. Partnership
• D. Limited partnership

Answer: (C)

A partnership is a for-profit business entity jointly owned by two or more persons who share ownership and profits or losses, even if their shares aren’t equal. This arrangement comes from an agreement among the partners to run a business together and divide the profits and losses according to that agreement, which can specify unequal ownership interests.

This description best fits a partnership because it emphasizes joint ownership and shared profits or losses among multiple owners. Unincorporated associations are typically not formed to generate profits for owners and are often organized around members rather than owners sharing business earnings. Limited liability partnerships and limited partnerships are specialized forms of partnership that add liability protections or specific roles (general vs. limited partners); the question’s wording describes the basic, unrestricted concept of a partnership.