In a joint venture, the parties: ______.
A)combine their labor or property for a single undertaking and share profits and losses equally.
B)combine their labor or property for a continuing business and share profits and losses equally.
C)assume no personal liability beyond the risk of losing their initial investment.
D)have unlimited personal liability for debts of the venture.
Question 2
Ad valorem means all taxpayers pay equal amounts.
Indicate whether the statement is true or false