What business structure is characterized by two or more individuals jointly operating a business?

The business structure that involves two or more individuals jointly operating a business is a partnership. This arrangement allows individuals to share the responsibilities, profits, and risks associated with running the business. Partnerships can vary in their structure, including general partnerships, where all partners manage the business and share liabilities, and limited partnerships, where some partners have limited liability but do not participate in daily operations.

In a partnership, collaboration between partners can lead to a combination of skills and resources, which can enhance the business's ability to innovate and adapt to market demands. Furthermore, partnerships typically have simpler regulatory requirements than corporations, making them attractive to small businesses and startups.

In contrast, a corporation is a more complex structure characterized by legal recognition as a separate entity from its owners, allowing for limited liability but requiring formal processes to establish and operate. A sole proprietorship, as the name suggests, involves only one individual running the business, thereby lacking shared decision-making. A limited liability company (LLC) is a hybrid model that combines aspects of partnerships and corporations, providing limited liability protection to its owners while allowing for flexible management structures. Each of these alternatives serves different needs and goals in the business landscape.