Which of the following is a characteristic of a partnership?

In a partnership, a key characteristic is that profits and management are shared among two or more individuals. This collaborative structure is fundamental to partnerships as it emphasizes shared responsibilities and benefits. Each partner typically contributes their skills, resources, or capital to the business and participates in decision-making processes, which fosters cooperation and aligns interests towards mutual success. This collaborative nature is what distinguishes partnerships from sole proprietorships, where ownership and management are vested in a single individual.

The other choices highlight aspects that do not accurately define a partnership, such as ownership being limited to one person, which contradicts the very essence of a partnership arrangement. Additionally, while a written partnership agreement can be beneficial for outlining the terms and conditions, it is not a legal requirement for all partnerships; thus, it's not a definitive characteristic. Lastly, classifying a partnership as a type of limited company is incorrect, as partnerships and limited companies are distinct legal entities with different regulations and structures.