What is a primary characteristic of a partnership?

A primary characteristic of a partnership is shared liability for debts. In a partnership, two or more individuals come together to operate a business, and they typically agree to share profits, losses, and responsibilities. This shared liability means that each partner is responsible not only for their own actions within the business but also for the debts and obligations incurred by the partnership as a whole. This structure allows for collaborative decision-making and investment in the business, as partners must work together to manage their enterprise effectively.

The other options present characteristics that do not align with the nature of partnerships. Individual liability for all debts pertains more to sole proprietorships, where one person is fully responsible for the business' obligations. Fixed ownership structure suggests a rigidity that is not characteristic of partnerships, which can be more fluid in terms of ownership and contributions. Lastly, complete independence in decision-making would imply isolation from collaboration, which contradicts the essence of partnerships where decisions are typically made collectively.