Abby and Zeke begin a joint venture together selling fruitcakes door to door. Each invests $500. The joint venture generates large debts, and there is not sufficient income from the joint venture to pay them. Abby and Zeke as joint venturers are:

Personally liable joint venturers

Explanation:

Abby and Zeke are personally liable joint venturers, in that, the profit and loss made from the partnership business is shared equally among the both of them as they have agreed to invest equal capital.

Debt incurred by the business is a liability which will be shared among them also.

Joint venture is a business organzation in which two or more individuals agree to invest their resources for the purpose of making profit.

It is a business establishment owned, financed, controlled by two or more people.

In a joint venture, each individual as a business participant is responsible for profits, losses, and costs associated with the business. The business risk is borne by each individual.

This is why Abby and Zeke are personally liable for the debt incurred by the business.

Joint ventures can be a partnership business as in the case of Abby and Zeke or a limited liability company .

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