In order to be regarded as a joint venture, the following conditions must be satisfied:
a. There must be a business or profit-seeking activity. If two companies jointly carry on a non-profit-seeking activity, it is not a joint venture in the meaning of the Revenue Code.
b. The business or profit-seeking enterprise must be undertaken jointly by two or more partners.
c. There is an agreement for sharing of profits and/or losses, investments, liabilities, properties and/or technology under a joint venture agreement.