Final answer:
Dr. Jones and Dr. Brown's shared medical practice, where they jointly manage patients, expenses, profits, and assets, is known as a partnership, which is a common structure for professional practices.
Step-by-step explanation:
Dr. Jones and Dr. Brown decided to share a practice where they share patients, expenses, profits, and assets. The type of medical practice they have formed is known as a partnership. In a general partnership, partners collaborate in ownership and management, sharing responsibilities and enjoying the benefits of the business. This form of business organization is common among professionals such as doctors and lawyers, especially in cases where the start-up costs are too high for an individual to bear alone.
A private company can take various forms, such as a sole proprietorship if run by an individual, or a partnership if run by a group. When only one person owns and runs a business, it is a sole proprietorship, and when two or more people run a business, they create a partnership. In the context of the question, since the practice is co-owned and co-managed by two doctors, it fits the definition of a partnership, more specifically, a general partnership.