Final answer:
The characteristic not associated with a partnership is double taxation of income; partnerships only tax individual partners on their share of profits, not at the business entity level.
Step-by-step explanation:
The question inquires about the characteristics of a partnership and which of the listed options is not one. Partnerships are known for having a limited life, meaning they typically dissolve when a partner leaves or passes away. They also possess a mutual agency, where each partner can make decisions that affect the whole business, and unlimited liability, where partners are personally liable for business debts, potentially risking personal assets. Furthemore, partnerships benefit from ease of formation and are generally subject to minimal government regulation, making them simpler to establish. The incorrect option among those listed, which is not a characteristic of a partnership, is double taxation of income. Partners in a partnership pay taxes on their individual share of profits, and the partnership itself does not face corporate taxes.