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Which of the following best describes the concept of 'joint venture' in the cont
Which of the following best describes the concept of 'joint venture' in the context of partnerships?
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Practice Questions
1 question
Q1
Which of the following best describes the concept of 'joint venture' in the context of partnerships?
A permanent partnership for all business activities
A temporary partnership for a specific project
A partnership with limited liability
A partnership that requires equal capital contribution
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A joint venture is a temporary partnership formed for a specific project or purpose.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following best describes the concept of 'joint venture' in the context of partnerships?
Solution:
A joint venture is a temporary partnership formed for a specific project or purpose.
Steps: 4
Show Steps
Step 1: Understand that a joint venture is a type of partnership.
Step 2: Know that it is not a permanent partnership; it is temporary.
Step 3: Recognize that a joint venture is created for a specific project or purpose.
Step 4: Remember that two or more parties come together to achieve a common goal in a joint venture.
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