Which entity is a temporary business that involves a single transaction or a predetermined number of transactions, can be formed orally or in writing, and requires no filing?

• A. Joint Venture (joint adventure)
• B. General partnership
• C. Limited partnership
• D. Real estate brokerage limited partnership

Answer: (A)

The concept focuses on temporary, project-specific arrangements where a group comes together for a single deal or a limited set of transactions, without forming a standing company or filing with the state. A joint venture fits this perfectly: it’s a collaboration between two or more parties created to complete a particular transaction or a defined number of transactions. It can be formed verbally or in writing, and because it’s intended only for that specific purpose, there’s typically no need to file any formation documents with the state.

Think of two professionals pooling resources to close one property deal or to execute a single project. Once that deal is done or the set number of transactions is reached, the venture ends. That temporary, transaction-bound nature is what distinguishes a joint venture from other structures.

By contrast, a general partnership is about ongoing business and can exist without formal filings, but it isn’t inherently limited to a single project. A limited partnership and a real estate brokerage limited partnership require filing with the state, which conflicts with the “no filing” part of the scenario.