Final answer:
A family business can include various characteristics such as concern for family relationships, board control by family members, and expectations of generational continuity, but the statement about family members or a partnership of families owning at least 15 percent of the shares is not a standardized defining characteristic of family businesses.
Step-by-step explanation:
The subject of this question is a family business, which is a distinct type of business organization characterized by its ownership and management by family members. The question asks which of the provided options does not represent a characteristic of a family business.
Family businesses typically include a concern for family relationships in addition to business needs, control of the board by one or more family members, ownership of a significant portion of the shares by family members, and the expectation of continuity across generations.
However, there is no standardized percentage of ownership to define a family business, so the option stating that "Two or more family members, or a partnership of families, must own at least 15 percent of the shares" does not necessarily apply to all family businesses and can be considered an incorrect characteristic.
Family businesses vary greatly in terms of share ownership and the level of ownership required can be more or less than 15 percent, depending on the specific business and family.