What is defined as a business organization owned by two or more individuals sharing responsibilities and profits?

A business organization owned by two or more individuals sharing responsibilities and profits is best defined as a partnership. In a partnership, the individuals involved collaborate to manage the business, share the decision-making process, and distribute any profits or losses according to their agreement. This structure allows for more resources, ideas, and expertise to be pooled together, which can enhance the sustainability and growth potential of the business.

The other options reflect different business ownership structures. A private limited company is a distinct legal entity that limits the liability of its owners and can issue shares to shareholders, unlike a partnership where owners are personally liable for debts. A sole trader refers to a single individual running a business independently, which does not fit the criteria of multiple owners. A micro-enterprise is typically defined by its small scale in terms of employees and revenue but does not specifically refer to the ownership structure mentioned in the question. Therefore, the partnership clearly aligns with the definition provided in the question.