Which of the following is a characteristic of a general partnership?

A general partnership is characterized by the involvement of all partners in the management of the business as well as their personal liability for the debts and obligations of the partnership. In this type of partnership, each partner has the right to participate in the decision-making process, which means that all partners share equally in the management responsibilities unless otherwise specified in the partnership agreement.

In addition, personal liability means that each partner is responsible for the full extent of the partnership’s liabilities, which can extend to their personal assets. This distinguishes general partnerships from limited partnerships, where certain partners (limited partners) do not have personal liability beyond their investment in the partnership.

The other options reflect features that are not consistent with the fundamental nature of a general partnership. For example, limited liability is associated with corporations and limited liability companies, not general partnerships. A specific charter refers to formal business entities like corporations that are registered under state law, while general partnerships typically do not require formal registration. Lastly, a decision-making process that requires a majority vote is not a typical characteristic of a general partnership, where all partners typically have an equal say unless otherwise stipulated in an agreement.