Which business arrangement involves shared decision-making and responsibilities?

A partnership involves shared decision-making and responsibilities among its members. In a partnership, two or more individuals join together to run a business, contributing resources, skills, and efforts towards its success. Each partner typically has a say in the management and strategic direction of the business, making collaborative decisions that reflect the collective input and goals of the group. This structure allows for a division of responsibilities, where partners can specialize in different areas based on their strengths and expertise.

In contrast, a sole proprietorship is run by a single individual who bears full responsibility for the business and makes all the decisions alone. A franchise may involve some level of shared responsibilities, but it primarily operates under the rules set by the franchisor, often limiting the franchisee's role in decision-making. A corporation is a more formalized structure that generally involves a board of directors and strict regulations, where decision-making may be more hierarchical rather than a collaborative process among owners.