Exercise 12-1 Characteristics of Partnerships LO C1 Determine whether each characteristic describes a general partnership (GP) limited liability company (LLC), both, or nether, Type of Organization a b Characturinti Unlike a C Corporation, the business is not required to pay an additional business (corporate) income tax Hone partner cannot pay its shore of partnership debt, a creditor can take the personal assets of other partners to pay the debt Owners have limited liability d Owners do not have to pay a corporate income tax and do not have unlimited liability Ownership is split among two types of owners general and limited partners Is identified with the words "P. 1