Question

A group of cotton growers in North Georgia and North Alabama pooled their resources to build a cotton gin and storage area for the ginned cotton. They marketed their cotton to textile mills under one label. This collective ownership organization is a:________
a. Franchise
b. Joint venture
c. Common market partnership
d. Cooperative
e. C corporation

Answer 1

Answer:

The correct answer is letter "B": Joint venture.

Explanation:

In a Joint Venture, two or more businesses agree to contribute to capital and resources for a common project. Usually, developers, manufacturers, and service providers agree to form a joint venture. If successful, those parties split the profit based on the value of their respective contribution to the joint venture.