A business form owned by 2-20 partners who share responsibilities.

• A. Private Limited Company
• B. Partnership
• C. Sole trader
• D. Cooperative

Answer: (B)

Partnership. This form is defined by two to twenty people who own the business together and share the responsibilities of running it. Partners contribute capital and skills, participate in decision-making, and divide profits (and losses) according to an agreed arrangement. Unlike a private limited company, a partnership is typically not a completely separate legal entity, and partners may be personally liable for the debts of the business. This differs from a sole trader, where there is only one owner, and from a cooperative, where ownership belongs to members who use the service and share benefits collectively.