Rafaela Art Gallery and Sequoia Exhibitions Form a Joint Venture

question 22

Multiple Choice

Rafaela Art Gallery and Sequoia Exhibitions form a joint venture.When a dispute arises,Rafaela files a suit against Sequoia.The court is most likely to apply the same principles to this joint venture as it applies to

• A)business trusts.
• B)cooperatives.
• C)corporations.
• D)partnerships.

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Definitions:

Corporate Profits Tax

A levy imposed on the income or profit earned by corporations or analogous legal entities.

Partnerships

A legal form of business operation between two or more individuals who share management and profits.

Proprietorships

Businesses owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Proprietorships

Businesses owned and operated by a single individual, bearing unlimited liability for business debts and obligations.