Final answer:
A partnership is a type of business ownership that involves two or more people. They can be general partnerships, where all partners share responsibility, or limited partnerships, where some partners are silent and only contribute financially. Limited partnerships provide liability protection for partners. option b.
Step-by-step explanation:
A partnership is generally a business owned by two or more people, commonly found among professionals like doctors and lawyers. Partnerships can be of two types: general and limited. In a general partnership, all partners share the responsibility for all aspects of the business, while in a limited partnership, one or more partners are financial or "silent" partners who do not participate in the business operations but benefit from its success and are only liable for their financial contributions. Limited partnerships can offer protection to partners from being held responsible for the business's debts.