EXERCISES Exercise 12-1 Characteristics of partnerships C1 In the blank next to each partnership characteristic / through 8. enter the letter of the description that best relates to it for a general partnership - 1. Duration of life a. Requires an agreement only 2. Owners' liability b. Income taxed on partners' returns 3. Legal status c. Not separate entity from partners 4. Tax status of income d. Difficult to transfer 5. Owners' authority and authorization e. Mutual agency 6. Ease of formation f. Low ability 7. Transferability of ownership g. Unlimited 8. Ability to raise large capital amounts h. Limited