A partnership has the following characteristics:
A) easy transfer of ownership and no personal liability.
B) harder to raise funds and gives the owner full control.
C) shared control, increased skills and resources.
D) separate taxation requirements and substantial government regulation.

Question

Quizplus · Accepted Answer

A partnership involves two or more individuals sharing control of a business, which can lead to increased skills and resources. However, it does not provide for easy transfer of ownership or limit personal liability, as in a corporation. It is also not subject to separate taxation or substantial government regulation, as in certain other business structures.

A Partnership Has the Following Characteristics