Which of the following is not a characteristic of a partnership:

a.Taxable entity

b. Co-ownership of property

c.Mutual agency

d. Limited Life

2. The advantages of a partnership do not include:

e. East of Formation

f.Unlimited liability

g.Freedom from government regulation

h. Ease of decision-making

3. Upon formation of a partnership, each partners initial investment of assets should be recorded at their:

Book valueb.

Cost

Fair valued.

Appraised value