Which of the following is not a characteristic of a partnership?

a. The partnership itself pays no income taxes

b. It is easy to form a partnership
c. Any partner can be held personally liable for all debts of the business
d. A partnership requires written Article of Partnership

2. The partnership form of business is:

a. An economic entity
b. A taxable entity
c. A fiscal entity
d. A separate legal entity, just as a corporation is a legal entity

3. Which of the following is not an advantage of partnership over a corporation?

a. Ease of formation
b. Unlimited liability
c. The elimination of taxes at the entity level
d. All of the above