1. a. Which of the following is not a characteristic of partnerships? Actions of one partner are binding on all partners. b. The removal of one partner dissolves the partnership. c. The partnership does not pay taxes. d. The partnership has an unlimited life. 2. Which of the following is an advantage of a partnership? a. The partnership has unlimited liability. b. The partnership has pooled resource of talents. c. The partnership has mutual agency. d. The partnership may never be dissolved. 3. Partner A has a capital balance of $120,000; Partner B has a capital balance of $80,000; Partner C has a capital balance of $100,000; Net income for the year totaled $27,000 and the partnership agreement allocates income according to the capital account percentages. How much net income is allocated to Partner A? $7,200 b. $9,000 $9,500 d. $10,800 a. c