Jim is one of several general partners who own beef 'n beer, a small chain of restaurants located in missouri and illinois. jim is interested in converting the partnership into a master limited partnership. if he convinces other partners to go along with his idea, beef 'n beer will: offer shares of ownership that are traded on a stock exchange much like a corporation. pay its taxes like a corporation. begin to operate much like a sole proprietorship. have to change its name to include the term ltd. in its title to indicate its owners have limited liability.