Which of the following is not a general feature of partnership-

Liability of Partners are limited to the extent of capital contribution.

The correct answer is Option (4) → Liability of Partners are limited to the extent of capital contribution.

• “In order to form partnership, there should be at least two persons coming together for a common goal.” True — Minimum two persons are required to form a partnership.

• “Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.” True — Partnership arises from an agreement, not by status or law.

• “The agreement should be to carry on some business.” True — A partnership must exist for a lawful business activity.

• “Liability of partners are limited to the extent of capital contribution.” Not true — In a partnership firm, the liability of partners is unlimited. Partners are jointly and severally liable for the debts and obligations of the firm.