A legal relationship created by two or more individuals voluntarily associating to carry on as co-owners of a business for profit.

• A. Patent
• B. Piracy
• C. Partnership
• D. Population

Answer: (C)

A partnership is a legal relationship formed when two or more people voluntarily join to operate a business as co-owners with the goal of making a profit. The essence is a voluntary agreement to share in the ownership, profits, and management of the business. This setup fits all parts of the description: there are multiple people, they voluntarily associate, they jointly own the business, and they aim to earn profits. By contrast, a patent is a government-granted right for an invention, piracy is illegal copying or theft, and population simply refers to the number of people in a place—none describe a business formed by co-owned enterprise.