Which of the following is NOT a characteristic of a general partnership?

A general partnership is a business structure where two or more individuals manage and operate a business together, sharing its profits and responsibilities. One of the defining characteristics of a general partnership is that partners have unlimited liability, meaning they are personally responsible for the debts and obligations of the partnership.

Limited liability is typically associated with structures such as limited partnerships or corporations, where an individual's risk of loss is limited to their investment in the company. In a general partnership, however, each partner can be held personally liable for the actions and debts of the partnership, which underscores the characteristic of shared management and shared profits among partners.

Shared profits, joint management, and mutual agency are all integral characteristics of a general partnership. Shared profits signifies that any profits the business makes are divided among partners, while joint management indicates that all partners contribute to decision-making. Mutual agency means that each partner has the authority to act on behalf of the partnership and bind the partnership in business agreements. Thus, the absence of a limited liability feature in a general partnership distinguishes it from the other characteristics listed.