Which of the following is not always an essential feature of partnership?

Liability of partners is always unlimited.

The correct answer is Option (3) → Liability of partners is always unlimited.

While sharing of profits and losses, mutual agency, and an agreement to carry on a lawful business are essential features of a partnership, the liability of partners is not always unlimited.

In a Limited Liability Partnership (LLP), partners have limited liability, meaning they are not personally responsible for the firm’s debts beyond their agreed contribution. Hence, unlimited liability is not an essential feature in every case.