Businesses can be classified into the following forms: a sole proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership?
A) Subject to unlimited liability
B) Income is allocated on a pro rata basis
C) Can easily raise large amounts of capital
D) Chartered by a state and is its own entity separate from its owners
E) Taxed at individual level
F) Legal arrangement between two or more people