In a joint venture, the parties: ______.
A) combine their labor or property for a single undertaking and share profits and losses equally.
B) combine their labor or property for a continuing business and share profits and losses equally.
C) assume no personal liability beyond the risk of losing their initial investment.
D) have unlimited personal liability for debts of the venture.

Question

Quizplus · Accepted Answer

In a joint venture, the parties typically combine their labor or property for a single undertaking and share profits and losses equally. This is a temporary partnership for a specific project.

In a Joint Venture, the Parties: ______