Which of the following is true of a joint venture?

Question

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Joint ventures involve a partnership where both parties typically have equal rights to manage the venture, unlike in some partnerships where management roles can differ. Joint ventures are usually formed for a single project or a specific purpose and are not necessarily long-term or for multiple projects. The parties in a joint venture are not considered limited partners; this term is specific to limited partnerships where some partners have limited liability and possibly limited involvement in management. Additionally, parties in a joint venture owe fiduciary duties to each other, including loyalty and care, contrary to being exempt from such duties.

Which of the Following Is True of a Joint Venture