Homework Answers
Ans:
| Characteristics | Description |
| Owner authority and control | Mutual agency |
| Ease of formation | Requires only an agreement |
| Transferability of ownership | Difficult to transfer |
| Ability to raise large capital amounts | Low ability |
| Duration of life | Limited |
| Owners liability | Unlimited |
| Legal Status | Not separate from partners |
| Tax status of income | Taxed only once |
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