Indicate whether each statement that follows is a reflection of (a) normal partnership (b) limited partnership, (c) joint venture, or (d) S corporation.
1. A special type of partnership that, like corporations, confines the limited partner's potential loss to the amount of his or her investment.
2. A form of organization that has the disadvantage of unlimited liability.
3. An association formed by two or more entities for the purpose of achieving a specific goal.
4. A form of organization that makes it difficult to raise large amounts of capital.
5. A form of corporation that is treated as a partnership and pays no federal income taxes.