JOINT VENTURE

An agreement between two or more firms to undertake the same business strategy and plan of action.

An agreement between two or more parties, businesses or individuals, who pursue a distinct project together.

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The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.