The form of partnership that limits liability to the limited partner’s own acts or those of thepeople they supervise is a:limited liability partnershipLLLCsdo gave to submit articles of organization and an operating agreement, but do not have to;keep minutes, file written resolutions, or hold annual meetingsA unique government creation that looks like a corporation but is taxed like a sole proprietorshipor partnership is called anS corporation.Therankin which members of a corporations are chosen in order toseparate ownership frommanagement; Owners/stockholders, board of directors, managers, employeesIf you are your own boss, you are responsible for paying your own wages/salary and for yourownfringe benefitsAn advantage of asole proprietorshipis independent decision making.Among the advantages offarm cooperativesfor their members is that they: increase economicpower, and do not pay taxes as corporations doWhen there is one or more general partners and one or more limited partners, the firm is a:limited partnershipIf a software company and a snack food company merged it would be called aconglomeratemergerThe term of the business being dependent on the life of the business owner is referred to as:limited life spanSome disadvantages of asole proprietorshipare; limited financial resources, unlimited liability,and large time commitmentAcorporationis defined as: a chartered legal entity with authority to act apart from its ownersAmong the reasons that disagreements can ruin a partnership are:arguing over profits,disagreement over workload, opposing management stylesChapter 5Of the various forms of business ownership, a __________ is an easy way for two individuals to conductbusiness.