What is the main characteristic of a partnership?

The main characteristic of a partnership is joint ownership for profit. This means that a partnership consists of two or more individuals who come together to operate a business with the intention of sharing both profits and responsibilities. Each partner contributes resources, skills, or capital, and they typically agree to share the profits generated by the business.

Partnerships are defined not only by their shared ownership but also by the collaborative nature of their operations. Each partner usually has a say in the management and decision-making processes of the business. This cooperative arrangement allows for combining diverse skills and resources, making partnerships a popular choice for many entrepreneurs.

Other options do not accurately represent the nature of a partnership. For instance, single ownership pertains to sole proprietorships rather than partnerships. Exclusive liability of shareholders is associated with corporations, where the personal liability of owners (shareholders) is limited. Sole proprietorship under multiple names does not describe a partnership structure either, as it indicates a single owner operating under different identities rather than a collective arrangement. Thus, the correct choice highlights the fundamental aspect of partnerships: their shared ownership and profit motive.