Describe three factors that have been used to distinguish joint venture arrangements from partnership arrangements.

Question

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The Answer is Factors that could be listed here include:
• co-venturers contractually do not have the power to bind other co-venturers;
• co-venturers retain ownership of property contributed to the undertaking;
• co-venturers are not jointly and severally liable for debt of the undertaking;
• co-venturers share gross revenues, not profits; and
• while partnerships may be formed for the same purpose as a joint venture, they are usually of longer duration and involve more than a single undertaking.

Describe Three Factors That Have Been Used to Distinguish Joint