When J.R. joined his Uncle's oil exploration company in east Texas, he was given several hundred shares of stock in the firm, and was officially made a partner. The firm's accountant explained that this partnership looks much like a corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids the corporate income tax. Income received is not taxed before it is passed on to Investors as dividends as it would be the company were a corporation. This firm is likely a special form of ownership called a Multiple Choice master limited partnership limited partnership Generally acceptable partnership strategic alliance 11 MacBook Air