common enterprise

  

Definition

Arrangement in which two or more firms together follow common objectives. Even if a common enterprise does not formally exist, it may be implied by the intent of the involved parties expressed in (1) sharing of the employees and/or management, (2) sharing of profits and losses, and (3) joint ownership. It may also be deemed to exist if the involved parties give an impression of being together as one, and outside parties rely on this impression to their detriment.

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