Final answer:
The incorrect characteristic of a partnership is that a) the partners have limited liability, which is typically not the case in general partnerships where each partner is personally liable for business debts.
Step-by-step explanation:
The characteristic that is not a part of a partnership is a) The partners have limited liability. Typically, in a general partnership, each partner is equally responsible for the debts and obligations of the business, and they do not enjoy limited liability. This means that partners may have to utilize personal assets to cover business debts. However, there is a special type of partnership known as a limited liability partnership (LLP), where the partners have protection from some or all liability for the actions and debts of the partnership, depending on state laws.
Indeed, each partner acts as an agent of the partnership in the ordinary course of business (b), and all partners are jointly and severally liable for obligations of the partnership unless law states otherwise (c). Also, it is true that corporations or other partnerships can be co-owners of a partnership (d).