What is the term for an association of two or more persons to profit from a business?

The correct term for an association of two or more persons to profit from a business is a general partnership. In a general partnership, two or more individuals come together to run a business and share both profits and liabilities incurred by the partnership. This arrangement allows individuals to pool their resources, skills, and capital, while also sharing risks and responsibilities.

A general partnership is characterized by the fact that all partners actively participate in the management of the business and are personally liable for the debts and obligations of the partnership. This distinct structure encourages collaboration and supports a shared goal of generating profit.

In contrast, while a joint venture refers to a temporary partnership formed for a specific project or business activity, it is not necessarily meant for ongoing business operations like a general partnership. A corporation is a separate legal entity that provides limited liability to its shareholders, and it operates under different regulations than partnerships. A membership association, typically, is structured for members to come together for a common non-profit purpose rather than for profit-making business activities.