Which term describes a voluntary association of people who co-own a lawful enterprise?

The term that accurately describes a voluntary association of people who co-own a lawful enterprise is a partnership. A partnership is formed when two or more individuals come together with the intent to share profits and responsibilities of running a business. Each partner typically contributes resources, such as capital, skills, or labor, and their contributions and roles within the partnership can vary, but all partners generally share in the profits and losses of the enterprise.

This structure is characterized by mutual agreement, allowing for joint decision-making and shared liability. Partnerships often have specific operating agreements that outline each partner's contributions, profit-sharing ratios, and governance of the business, which helps establish clarity and structure for their collaborative efforts.

While a corporation refers to a legal entity separate from its owners, typically characterized by limited liability for its shareholders, and a sole proprietorship indicates that a single individual owns and operates a business, these definitions do not encompass the collective ownership aspect found in a partnership. A joint venture, on the other hand, may involve two or more parties coming together for a specific project or goal, but it does not necessarily imply ongoing co-ownership of a lawful enterprise like a partnership does.