next to the following list of eight characteristics of business 263179

Next to the following list of eight characteristics of business organizations, enter a brief description of how each characteristic applies to general partnerships.

Characteristic Application to General Partnerships

1. Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Owners’ liability . . . . . . . . . . . . . . . . . . . . . . . .

3. Legal status . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Tax status of income . . . . . . . . . . . . . . . . . . . . .

5. Owners’ authority . . . . . . . . . . . . . . . . . . . . . . .

6. Ease of formation . . . . . . . . . . . . . . . . . . . . . . .

7. Transferability of ownership . . . . . . . . . . . . . . . .

8. Ability to raise large amounts of capital . . . . . . .

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