Which of the following describes some of the characteristics of a partnership? A partnership is easy to set up, owners are personally liable for all debts incurred by the business, and they are not bound by accounting standards. A partnership is difficult to set up, the business is taxed as a separate legal entity, and the owners are personally liable for the debts incurred by the business. A partnership is difficult to set up, the owners are taxed as an individual on the business income, owners are personally liable for the debts incurred by the business, and they are bound by accounting standards. A partnership is easy to