Concept:A partnership is a business arrangement where partners jointly own and run the firm, and the firm is not a separate legal entity from its owners.
Explanation:Partnerships generally have:
• Unlimited liability of partners (not limited liability).
• Limited number of members, not unlimited membership.
• High mutual confidence among partners, not “lack of mutual confidence.”
• No separate corporate existence, meaning the partnership is not a legal entity distinct from the partners.
Answer:B. lack of corporate existence