Which of the following is true regarding joint ventures?

A) Generally,joint ventures are taxed like corporations.
B) If one of the members of a joint venture dies,the joint venture is automatically terminated.
C) Members of a joint venture are agents of the other members.
D) A joint venture may be formed without drawing up a formal agreement.
E) Courts frequently apply sole proprietorship law to joint ventures.

Joint Ventures

A commercial enterprise undertaken jointly by two or more parties that otherwise retain their distinct identities.

Taxed

Subject to a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Formal Agreement

A legally binding contract or document established between two or more parties, outlining specific terms and conditions that are enforceable by law.