What is a defining feature of an ordinary partnership?

In an ordinary partnership, a key defining feature is that all partners have equal authority within the business. This means that each partner is entitled to participate in the management and operations of the partnership, and decisions are typically made collectively unless specified otherwise in the partnership agreement. This structure promotes a collaborative approach to management and aligns with the principle of shared responsibility among partners.

The option regarding limited liability is not applicable to ordinary partnerships, as partners are personally liable for the business debts incurred. The assertion about only one partner managing the business also does not reflect the nature of ordinary partnerships, which allows for shared management responsibilities. Lastly, the statement regarding partners not being personally liable for profits is inaccurate because partners typically share both the profits and the liabilities of the partnership. This mutual responsibility is integral to the concept of ordinary partnerships.