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What Is a Joint Venture?

A joint venture is an informal type of business relationship wherein two or more parties agree to share funds, resources, and skills to undertake a particular business project.  Joint ventures are usually non-transferable and do not involve the creation of a new entity unless one is filed for, such as an LLC or a corporation.

These partnerships are formed with a specific business goal in mind and are generally dissolved once the specific goal has been achieved.  The laws covering business formation and dissolution may vary according to state.

What Are the Characteristics of a Joint Venture?

A joint venture is similar to a partnership, but with a key difference. While a partnership concerns ongoing business in all regards, a joint venture only concerns a single project or a related series of transactions. Here are some other common characteristics of joint ventures:

What Are Some Examples of a Joint Venture?

Joint ventures are formed in all kinds of business realms. Examples include:

What Are the Duties of Joint Venturers?

Parties in a joint venture have duties to one another. Such duties include:

What Are the Rights of Joint Venturers?

Parties in a joint venture have certain rights. These rights include:

How Is a Joint Venture Dissolved or Terminated?

Joint ventures may be terminated through the following means:

Common reasons why joint ventures are dissolved include:

Can an Attorney Help Me?

Often, a joint venture is a contractual relationship. If you are planning to engage in a joint venture, a business attorney can draft and negotiate the contract to your liking. If you are already in a joint venture, an attorney can review the contract and inform you of your legal rights and duties. An attorney can also help you solve a dispute if a joint venture goes sour.

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Last Modified: 11-16-2015 06:06 PM PST

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