What distinguishes a partnership from a sole proprietorship?

A partnership is characterized by having multiple owners who share the responsibilities, profits, and liabilities of the business. This is the key distinction between a partnership and a sole proprietorship, where a sole proprietorship is owned and operated by a single individual. In a partnership, the contributions and roles of different partners can vary, which allows for diverse skills and resources to be pooled together for business operations.

The other choices do not accurately reflect the primary difference between the two business structures. While partnerships can be formed for specific projects and may be temporary in nature in some cases, this is not an inherent characteristic as partnerships can also be long-lasting. Furthermore, a partnership does not necessarily require a legal charter; it can be established through a partnership agreement, either written or verbal. Lastly, partnerships are not inherently less regulated than sole proprietorships; rather, the regulations may depend on the specific business activities and jurisdictions involved.