Which term describes a business where two or more persons combine their assets and skills?

The term that describes a business where two or more persons combine their assets and skills is indeed "partnership." In a partnership, two or more individuals come together to pool their resources, expertise, and labor in order to achieve common goals while sharing the profits and responsibilities of the business. This collaborative structure allows partners to leverage each other's strengths and creates a platform for joint decision-making and strategic planning.

Partnerships are characterized by their simplicity and flexibility, making them an attractive option for many small businesses. They often involve less regulatory scrutiny than corporations, and the partners typically have a direct hand in managing the business, which can lead to a more agile operational structure.

Other business forms, such as sole proprietorships, involve a single owner who maintains full control over the business, while corporations and limited liability companies (LLCs) provide different forms of liability protection and governance structures that do not inherently require a combination of assets and skills from multiple individuals.