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 . . . . . . . .