Final answer:
A partnership is when co-owners come together for a for-profit business venture without the need for formal registration. It is relatively easy to start and manage, and the partners share responsibilities, profits, and liabilities.
Step-by-step explanation:
A group of co-owners coming together to engage in a for-profit business venture without the need for formal written registration is called a partnership. In a partnership, two or more individuals agree to share the responsibilities, profits, and liabilities of the business. Unlike corporations or other forms of business organizations, partnerships can be formed without the need for formal written registration.Partnerships are relatively easy to start and manage. The partners enjoy the profits of successful management and do not have to pay a separate business income tax. However, it's important to note that the partners are personally liable for any debts or legal obligations of the business.For example, if two friends decide to open a restaurant together, they can form a partnership and share the responsibilities and profits without the need for formal registration.