What describes the relationship among two or more persons who collaborate in business?

The correct answer is "Partnership." A partnership refers to a specific type of business arrangement in which two or more individuals share ownership and the responsibilities of managing the business. In a partnership, the partners contribute capital, share profits and losses, and have a mutual responsibility towards the operational decisions of the business. This collaborative relationship typically involves a formal agreement that outlines the roles, contributions, and how profits or losses will be divided among the partners.

In contrast, a joint venture represents a temporary partnership where two or more parties collaborate on a specific project, sharing resources and risks, but with an expectation that the partnership will dissolve upon completion of that project. A corporation, on the other hand, is a legal entity that is separate from its owners, offering limited liability to its shareholders and involving a more complex structure with governance, regulatory requirements, and the ability to raise capital through stock issuance. An association is generally a broader term that refers to a group of individuals or organizations joined for a common purpose and may not involve the direct business activities or profit-sharing characteristic of partnerships.

Understanding these distinctions helps clarify why "Partnership" accurately describes the collaborative relationship among two or more persons in a business context.