Which of the following is a characteristic of a general partnership?

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In a general partnership, the partners have co-ownership of partnership property, meaning they share ownership and control of the assets and liabilities of the partnership. However, they do not have limited liability, which is a characteristic of a different type of business entity such as a limited liability partnership (LLP) or a limited liability company (LLC). General partnerships are also pass-through entities, meaning the profits and losses are reported on the individual partners' tax returns rather than the partnership itself being subject to federal income tax. Additionally, general partnerships do not have an unlimited life, as the partnership dissolves upon the death or withdrawal of one of the partners.

Which of the Following Is a Characteristic of a General