What is the primary characteristic of a partnership?

The primary characteristic of a partnership is that it is a voluntary association of two or more persons. This means that individuals come together to operate a business and share in the profits, losses, and management responsibilities. Partnerships are fundamental in the agribusiness sector as they allow members to pool resources, share expertise, and enhance their operational capabilities.

In contrast, options that describe exclusive ownership by one individual, business operation as a corporation, or government ownership of business do not fit the definition of a partnership. A partnership inherently involves collaboration and mutual decision-making, distinguishing it from these other business structures.