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Which of the following is NOT the characteristic of partnership? |
Mutual Agency Profit Sharing Artificial Person Unlimited Liability |
Artificial Person |
The correct answer is option (3) - Artificial Person The characteristic of partnership that is NOT correct is "Artificial Person." In a partnership, the business entity is not considered an artificial person. Instead, a partnership is often seen as a relationship or association between individuals who come together to carry on a business. The concept of an artificial person is more closely associated with entities like corporations. The other characteristics listed (Mutual Agency, Profit Sharing, and Unlimited Liability) are commonly associated with partnerships.
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