Which form of business ownership is characterized by multiple individuals sharing profits and management responsibilities?

The form of business ownership characterized by multiple individuals sharing profits and management responsibilities is a general partnership. In a general partnership, two or more individuals collaborate to operate a business, and they share the profits, losses, and management responsibilities equally or as agreed upon in their partnership agreement. This structure fosters teamwork and allows for pooling resources and skills, which can enhance the business's overall effectiveness.

In contrast, a corporation is a separate legal entity owned by shareholders with distinct ownership and management layers and is not directly managed by its owners. A sole proprietorship is owned and operated by a single individual, providing them complete control but also bearing all the risks and responsibilities alone. A nonprofit organization, while having a mission to benefit the public or a specific cause, does not operate to generate profit for its owners or members, which sets it apart from other business forms in terms of profit-sharing.