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OpenStudy (txslabrat):
Which of the following is NOT a characteristic of a partnership? A. Each general partner has unlimited liability for the debts of the partnership. B. If one partner dies or leaves the partnership, the existing partnership is terminated. C. The partnership income is subject to a federal income tax that is levied on the business but not on the partners. D. The existing partnership agreement is dissolved and a new agreement is formed when a new partner joins the partnership.
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