Which of the following is not the feature of partnership?

The correct answer is Option (2) → Partnership is the result of an agreement between two or more persons to do business and share its profits only

A partnership is an agreement to carry on a business and to share its profits and losses. Option (2) says the partners share "profits only", which leaves out the losses, so it is not a feature of partnership.

Option (1) There should be at least two persons coming together for a common goal — A feature of partnership. A partnership needs a minimum of two persons.

Option (3) The business of a partnership concern may be carried on by all the partners or any of them acting for all — A feature of partnership. This is mutual agency.

Option (4) The business profits and losses are shared by all the partners as per profit sharing ratio — A feature of partnership. Sharing of profit (and loss) in the agreed ratio is part of the agreement.