John, George, and Ringo Pool Their Money to Buy Land

Multiple Choice

John, George, and Ringo pool their money to buy land to operate an insect farm from which they plan to sell the insects for medicinal uses and share the profits or losses. Are they partners?

A) Yes, since they are associating to carry on a for-profit business which they co-own.
B) No, because they each control the use of the land.
C) Yes, because if there is a loss in the land's value, they will all share that loss.
D) No, they are merely joint venturers.