A Partnership Formed to Operate for a Specific Time Period

question 23

Multiple Choice

A partnership formed to operate for a specific time period or to accomplish a specific purpose is known as a

• A) conglomerate.
• B) cooperative.
• C) joint venture.
• D) corporation.
• E) joint merger.

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Definitions:

Joint Venture

A business arrangement in which two or more parties agree to pool resources for the purpose of accomplishing a specific task.

Partnership

A legal arrangement where two or more persons agree to share the profits of a business which they run together.

Malpractice

Failure of a professional to perform their duties to the required standard of care, resulting in harm to their client or patient.

Corporation

A legal entity recognized by law as separate from its owners, with rights to own property, sue or be sued, and conduct business.