Jointly controlled operations (JCOs) are not legal entities and can not own assets or incur liabilities.

Question

Quizplus · Accepted Answer

Jointly controlled operations (JCOs) are a type of joint arrangement where two or more parties have joint control over the operation and neither party has sole control. As they are not recognized as legal entities, JCOs do not have their own separate entity status and cannot own assets or incur liabilities.

Jointly Controlled Operations (JCOs) Are Not Legal Entities and Can