Which of the following is NOT a characteristic of a limited partnership?

A limited partnership is defined by the presence of both general partners and limited partners. General partners are actively involved in the management of the partnership, while limited partners typically do not partake in day-to-day operations and are primarily investors. The characteristic of "active involvement of all partners" misrepresents the structure of a limited partnership, as it specifically allows for non-active partners (the limited partners) who contribute capital but do not engage in managing the business.

The other characteristics mentioned accurately reflect the nature of a limited partnership. Limited liability for specific partners indicates that limited partners' liabilities are restricted to their investment in the business, protecting their personal assets. Non-active partners refer to the limited partners who provide capital without participating in management. Investment-based liability reinforces that limited partners are not liable beyond their invested capital, aligning with the structure of limited partnerships.