Asked by Frank Renteria on May 25, 2024
Verified
Like partners, unless otherwise agreed, joint venturers have an equal voice in controlling a venture-related project.
Joint Venturers
Business entities or individuals that collaborate on a specific project or business activity, sharing both the risks and rewards.
Venture-Related Project
A specific endeavor, often involving risk, undertaken by a business or partnership that aims to deliver a new product, service, or result.
- Understand the latitude provided to LLC participants in the administration of the business.
Verified Answer
AC
Allie CardwellMay 27, 2024
Final Answer :
True
Explanation :
In a joint venture, unless the agreement specifies otherwise, all partners typically have an equal say in the control and management of the venture-related project, mirroring the default rule for partnerships where each partner has an equal voice in managing the affairs of the partnership.
Learning Objectives
- Understand the latitude provided to LLC participants in the administration of the business.