3. Three companies (the ventures) jointly buy a 15- floor office building. Each floor in the building has a separate legal title, which allows a floor to be sold separately. Each venture takes title (ownership) of five the floors one of which it uses for its own purposes. Each has a right to use that one floor for whatever purpose it chooses, The venturers set up a company and each transfers its ownership of four floors of the building to the company. The 12 floors are rented to third parties. The company employs a management team to manage the rental business. The company is comtrolled jointly by the venturers. The venturers are mot liable for any costs of the company.