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A nominal partner means “in name only.” Nominal partners are not active in the business and have no investment. If Jake Smith owned a horse ranch and named it Jake Smith and Sons, assuming they had no investment in the business, Jake’s sons would be nominal partners.   

Member control of cooperatives is executed through a board of directors, which is selected in open elections from the ranks of active members.

According to our textbook, every agribusiness is owned by someone, and it is the circumstances of ownership that give an organization its specific legal form. There are five basic business forms: the sole proprietorship, the partnership, the corporation, the limited liability company (LLC), and the cooperative.

When deciding which form of organization is best, an owner or owners must answer several important questions. Those questions are listed in the textbook. Please list of those questions below:

Nonprofit or not for profit corporations are in business to earn profit.

Cooperatives also exist to help members find markets, and/or improve the negotiating position of members.

A limited liability company (LLC) is a type of business organization form that closely resembles a partnership but provides its members with limited liability.

According to our textbook, a silent partner is known by the public and not active in managing the partnership. An individual may seek to be a silent partner to add name recognition to a firm and to continue having the advantage of limiting liability in the enterprise. 

LLC stands for Limited Liability Corporation.

According to our textbook, in addition to these five forms, strategic alliances are also used by agribusinesses as a form of business organization. Strategic alliances can take a variety of forms and represent an important way that food and agribusiness firms can work together.