Which of the following statements is true of a joint venture?

Question

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In a joint venture, both parties usually have equal rights and responsibilities in managing the venture, unlike in a limited partnership where one party has management control. A joint venture can refer to a partnership that lasts for a single project or multiple projects. Both parties still owe each other fiduciary duties in a joint venture, despite having separate legal entities.

Which of the Following Statements Is True of a Joint