QUESTION 29 Which of the following is not a principal characteristic of the partnership form of business organization? Mutual agency Association of individuals Limited liability Limited life QUESTION 30 Partners Gary and Elaine have agreed to share profits and lossen in an 80 20 ratio respectively, after Gary is allowed a salary allowance of $20,000 and Elaine is allowed a salary allowance of $12,000. The partnership had net income of $67,000 for 2020 Calculate Elaine's share of the income QUESTION 31 All of the following are characteristics of partnerships except co-ownership of property mutual agency unlimited life. association of individuals