A partnership is a type of business where two or more individuals come together to establish and run a business with the intention of making and sharing profits.List - IMeaningA. Limited Liability PartnershipIt is a type of partnership in which some or all partners have limited liabilities.It can be formed with a minimum of two individuals or body corporate through their nominees.B. Particular PartnershipIt is formed for a single transaction and it will continue as long as the business is fully conducted.It is formed for a specific venture or for a particular period.C. PartnershipIt is a formal agreement between two or more parties to operate and manage a business.It is an association of two or moreIndividuals.D. Mutual AgencyConcerning a partnership, a mutual agency allows a partner to act as both an agent and a principal in a partnership firm.It is a legal relationship binding partners where they all have authorization and ability to enter into business contracts.Therefore, it is clear from the above explanation that option 1) is the correct answer.