Answer:
The correct answer is letter "C": The partnership has a limited life.
Explanation:
A partnership is an organization with two or more members running a business. They share the profits in percentage terms in proportion to their partnership value. There are two types of partnerships: general partnerships (unlimited liability) and limited partnerships (liability proportional to the contribution to the partnership).
The partnership dissolves and a new partnership is created when one of the partners is removed, retired or deceased or even when a new partner is introduced. Thus, partnerships have a limited life.
