Final answer:
Emmitt Smith created a partnership in the real estate development enterprise with 51% ownership.
Step-by-step explanation:
Emmitt Smith's ownership of 51% of Smith/Cypress Partners LP, a real estate development enterprise, indicates that he created a partnership. In a partnership, multiple individuals contribute capital, labor, or skills to run a business together. Smith's ownership percentage represents his share of the partnership's profits and decision-making power.