What term describes a partnership that can include formal agreements regarding obligations and profits?

A partnership that can include formal agreements regarding obligations and profits is best described as a general partnership. In a general partnership, all partners share equal rights and responsibilities concerning the operation of the business, and they are personally liable for the debts and obligations of the partnership. This structure allows for flexibility in the management and profit-sharing arrangements, which can be formalized through partnership agreements that outline each partner's specific roles, contributions, and shares of profits and losses.

This contrasts with other types of partnerships or business structures. For example, a limited liability partnership provides some liability protection to the partners, making them not personally liable for negligence or misconduct of other partners. On the other hand, a joint stock company is a separate legal entity and involves the trading of shares, while a cooperative focuses on providing goods or services to its members and is often structured to promote member benefits rather than profit sharing in the traditional sense. Thus, the term that best encapsulates the idea of shared obligations and profits among partners in a business arrangement is a general partnership.