What type of partnership involves an association of two or more persons conducting business jointly?

A general partnership is characterized by an association of two or more individuals who agree to conduct business jointly, sharing both the responsibilities and profits of the business. Each partner in a general partnership has the authority to act on behalf of the business and has unlimited liability, meaning they are personally responsible for the debts and obligations of the partnership. This structure allows for significant collaboration and shared input in decision-making among partners, which can enhance the operation and growth potential of the business.

In contrast, a sole proprietorship is owned and operated by a single individual, offering no partnership or shared responsibilities. A limited partnership includes at least one general partner with unlimited liability and one or more limited partners who have liability restricted to their investment in the business. Lastly, a limited liability partnership provides some measures of protection against personal liability for the debts of the partnership, but it does not change the fundamental concept of multiple individuals working together in a business context. Each of these other options lacks the defining feature of a general partnership, which is the direct association and joint operation by all partners involved.