Jimmy's Tomatoes Inc and Bob's Hot Pepper Co., both Ontario corporations, have agreed to collaborate on a project to create a new pasta sauce. They expect sales to skyrocket so they form a new corporation called Jim-Bob's Spicy Sauce Ltd. They each contribute $10,000 to get the new company running and have agreed that they will share the profits equally. This is a type of ____________?
1) Joint venture
2) Partnership
3) Limited liability company
4) Sole proprietorship