In the blank next to each partnership characteristic 1 through 8, enter the letter of the description that best relates to it for a general partnership.
___________ 1. Duration of life
___________ 2. Owners' liability
___________ 3. Legal status
___________ 4. Tax status of income
___________ 5. Owners' authority and authorization
___________ 6. Ease of formation
___________ 7. Transferability of ownership
___________ 8. Ability to raise large capital amounts
a. Requires an agreement only
b. Income taxed on partners' returns
c. Not separate entity from partners
d. Difficult to transfer
e. Mutual agency
f. Low ability
g. Unlimited
h. Limited