Which statements about partnerships are correct?

[I] A partnership is a separate legal entity.
[II] The concept of unlimited liability generally applies to a partnership.
[III] Partners share profits but not losses.
A partnership must carry on a business for profit.
[IV] A partnership must carry on a business for profit.

A. I and II only.
B. III and IV only.
C. I and III only.
D. II and IV only.