Which of the following is a characteristic of general partnerships?
A. The partners have limited liability.
B. The partnership has limited life.
C. Each partner has different rights when representing the partnership.
D. One person is the owner of a general partnership.
B. The partnership has limited life.
A general partnership is an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations. The partnership typically has a limited life, as it can be dissolved at will by any partner, often resulting in the dissolution of the partnership if one partner wishes to end the partnership or if a partner passes away or becomes legally incapacitated. Options A, C, and D do not correctly describe characteristics of general partnerships.