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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.

According to our textbook, proprietorship gives the individual owner complete control over the business, subject only to government regulations that are applicable to all businesses of that particular type. The owner exerts complete control over plans, programs, policies, and other management decisions.

The greatest disadvantages of the corporate form of organization are taxation and regulation.

According to our textbook, until all employees understand their relationships to other employees and to the agribusiness as a whole, cooperation, teamwork, and coordinated action remain impossible to achieve.

According to our textbook, planning can be defined as backward design thinking about courses of action based on a full understanding of all factors involved and directed at specific goals and performance objectives.

In many ways, management principles and concepts are the same for any business. Both the largest business in the country and the smallest one-person agribusiness are guided by the same general principles.

According to our textbook, the groundwork for developing a sound plan is provided during the process of analyzing facts.

List the steps in the planning process. Briefly (a sentence or 2) describe what is involved with each step.