What form of business is often characterized by shared decision-making among its members?

The correct answer is characterized by shared decision-making among its members, which is a fundamental principle of a cooperative. Cooperatives are businesses owned and operated by a group of individuals who come together to achieve a common goal, typically with a focus on providing goods or services to their members. In a cooperative, each member usually has an equal say in the decision-making process, regardless of the amount of capital they have contributed. This democratic structure ensures that all members have a voice, promoting collaboration and shared responsibility.

In contrast, a corporation is a more hierarchical structure where shareholders typically vote on key decisions, but the daily management is often delegated to a board of directors and executives. A partnership involves shared decision-making among partners, but the leadership and responsibilities can vary significantly depending on the partnership agreement. A sole trader operates independently without shared decision-making, as the individual owner makes all the business decisions. Thus, the cooperative's emphasis on shared decision-making among its members sets it apart in this context.