Which of the following statements pertain to a joint venture and not to a partnership business arrangement? I. It has a limited purpose

II. It is a business relationship between several entities

III. Involves the sharing of gross returns rather than profits

IV. Each person or entity involved is liable only for an agreed-upon portion of the liabilities

V. Allows for the right of each person or entity involved to dispose of any interest in the property subject to the agreement

Review Later
I, III, IV and V only
II and III only
I, II, III, IV and V
I and II only