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Which of the following is a characteristic of a partnership?

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Question: Which of the following is a characteristic of a partnership?

Options:

  1. Limited liability for all partners
  2. Shared profits and losses
  3. Unlimited lifespan
  4. Separate legal entity

Correct Answer: Shared profits and losses

Solution: 

In a partnership, profits and losses are shared among the partners according to their agreement.

Which of the following is a characteristic of a partnership?

Practice Questions

Q1
Which of the following is a characteristic of a partnership?
  1. Limited liability for all partners
  2. Shared profits and losses
  3. Unlimited lifespan
  4. Separate legal entity

Questions & Step-by-Step Solutions

Which of the following is a characteristic of a partnership?
  • Step 1: Understand what a partnership is. A partnership is a business arrangement where two or more people work together.
  • Step 2: Know that in a partnership, the partners agree on how to share the business's profits and losses.
  • Step 3: Remember that this sharing is based on the agreement made by the partners, which can vary from one partnership to another.
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