Joint Venture Legal Meaning and Definition

Here is a simplified definition of the legal term Joint Venture.

Joint Venture (noun)

A joint venture is a type of business arrangement where two or more parties agree to combine their resources for a specific task or project. This task or project is usually related to a business objective with the goal to make a profit. Each party shares in the profits, losses, and control of the venture. The main difference between a joint venture and a partnership is that a joint venture ends once the specific task or project is completed and all related bills are settled, while a partnership is usually a more long-term arrangement.