Final answer:
A type of ownership structure in which more than one person owns the business is a partnership.The statement is true.
Step-by-step explanation:
The type of ownership structure in which more than one person owns the business is called a partnership, making the statement True.
A partnership is a business owned by two or more people who share the responsibility for running the business and also share the profits. There are two types of partnerships: general partnerships, where all partners have equal responsibility, and limited partnerships, where some partners are only financial partners.
For example, if John and Mary decide to open a bakery together, they form a partnership. They both contribute to running the bakery and share in the profits.