Answer:The following are five characteristics of a partnership: Sharing of profits and losses. Mutual agency. Unlimited liability.Lawful business.
The characteristics of partnerships are different from the sole proprietorships already studied in basic accounting. Some of the more important characteristics follow Mutual Contribution. There can not be a partnership without the contribution of money. Division of Profit and Losses each partner must share profits and losses. Mutual Agency any partner can bind the other partners to a contract. If he or she is acting within his express or implied authority.
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