Which of the following best describes a partnership agency?

A partnership agency is characterized by having multiple owners who share the responsibilities and liabilities associated with the business. This structure often necessitates that major decisions are made collectively, typically requiring unanimous consent from all partners. This decision-making process helps ensure that all partners have an equal say in the operations and direction of the agency, fostering collaboration and mutual agreement.

In contrast, options suggesting a single owner simplify the structure, which does not align with the definition of a partnership. A partnership is distinctly different from corporations that involve shareholders, as partnerships do not issue shares and the profit distribution is based on the partnership agreement. Similarly, the notion of operating independently of regulatory bodies does not accurately describe a partnership agency, as all businesses, regardless of structure, are subject to regulatory oversight in some form.