A Joint Venture is a vital business partnership wherein two or more organizations/investors/parties having basic objectives and goals agree to pool their resources, skills, and innovation or ability to achieve certain business targets based on a typical business plan. In a Joint Venture and Partnership firm, each organization, investor, party or member is responsible for benefits, misfortunes, dangers, risks, liabilities and expenses related with it.

Joint Venture can casually be referred to as organizations however can be of different structures, for example, limited liability firms or companies, partnerships, corporations, private limited companies, etc. Joint Venture can a blend of enormous and more modest organizations to execute huge or little, undertakings and arrangements. Regardless of what the legal structure is in the Joint Venture, the most important document regulating the Joint Venture is the Joint Venture agreement which sets out the entirety of the shareholders’ privileges and obligations, the aims and objectives of the Joint venture, the business plan, the primary contributions from the investors, corporate governance, dispute settlement process, profit and loss sharing mechanism, etc.