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Which of the following is a characteristic of a general partnership?
- a. The partnership is subject to federal income tax.
- b. The partners have limited liability.
- c. The partnership has an unlimited life.
- d. The partners have co-ownership of partnership property.
♦ Relevant knowledge
Partnership firm is comprised of minimum two and maximum 50 people who are referred to as partners. Partnership company is founded in order to earn profits. Partnership firm is owned and operated by its partners. The partnership firm is created through a written agreement signed by the two partners.
Ans. Option D
Explanation: Each partner has a share of the partnership property. A partnership is a type of business in which two or more people own the company. Although the ratio of capital and profit (loss), sharing might be different, they share ownership of the partnership property.