The correct characteristic of general partnerships from the provided options is:
The partnership has limited life.
In a general partnership, the partnership typically ceases to exist if one partner leaves or passes away, which makes it have a limited life.
- The statement "One person is the owner of a general partnership" is incorrect, as a general partnership consists of two or more partners.
- The statement "The partners have limited liability" is also incorrect; partners in a general partnership have unlimited liability, meaning they can be held personally responsible for the debts of the partnership.
- The statement "Each partner has different rights when representing the partnership" is not typically a characteristic of general partnerships, as usually, each partner has equal rights in representing the partnership unless otherwise agreed.
Thus, the best option to choose is that the partnership has a limited life.