What term describes an organization that consists of more than one owner?

The term that describes an organization consisting of more than one owner is a partnership. In a partnership, two or more individuals come together to manage and operate a business with the intent of sharing profits and losses. This structure allows for shared responsibility in decision-making and resource allocation among the partners, creating a collaborative environment in which each member can contribute their skills and expertise.

Partnerships may take different forms, such as general partnerships, where all partners manage the business and share liability, and limited partnerships, where some partners contribute capital and receive limited liability. This flexibility in structure can accommodate a variety of business needs.

In contrast, a corporation is a separate legal entity formed to conduct business, which can have numerous owners known as shareholders, while a sole proprietorship is owned and operated by a single individual, not involving multiple owners. A cooperative is a member-owned business entity that operates for the mutual benefit of its members, but it is also not strictly defined by the ownership structure of multiple individuals collaborating closely like a partnership.