Which type of business ownership combines features of both a corporation and a partnership?

The type of business ownership that combines features of both a corporation and a partnership is the Limited Liability Corporation (LLC). An LLC offers the flexibility and tax benefits typically associated with partnerships while also providing the limited liability protection that corporations offer. This means that the owners, known as members, are not personally liable for the company's debts or liabilities, protecting their personal assets.

Additionally, LLCs allow for multiple members to participate in management, which reflects the collaborative nature of partnerships. However, unlike a general partnership, where all partners have personal liability for business debts, members of an LLC have their personal assets shielded from business liabilities. This combination of limited liability and flexible management structure makes LLCs a popular choice for many entrepreneurs, as it strikes a balance between ease of operation and protection from personal risk.