Which of the Following Statements Is True Regarding Joint Ventures

Multiple Choice

Which of the following statements is true regarding joint ventures?

A) Participants in a joint venture usually share profits equally, but share losses based on the percentage of contribution.
B) Participants in a joint venture usually share losses equally, but share profits based on the percentage of contribution.
C) The joint venture is not automatically terminated when one of the members dies.
D) A joint venture requires the filing of a formal agreement with the state.
E) Courts frequently apply sole proprietorship law to joint ventures.