Final answer:
A partnership is a business entity that fits the provided description. It is easy to start, manage, not subject to corporate taxation, and allows partners to share profits and liabilities.
Step-by-step explanation:
A business entity that fits the description given is a partnership. In a partnership, multiple individuals come together to form a business and share its profits and liabilities. The characteristics mentioned in the question, such as being easy to start, manage, and not subject to corporate taxation, are some of the advantages of a partnership.
Partnerships are subject to fewer government regulations compared to corporations. They are not separate taxable entities, and instead, partners report their share of the partnership's income on their individual tax returns. This avoids the double taxation that corporations face.
Partnerships generally have more ease in attracting financial capital compared to sole proprietorships due to the potential greater assets of the partnership. However, it's important to note that partnerships also have some disadvantages, such as the potential for disagreements and conflicts among partners.