real estate

Joint venture

The coming together of two or more individuals for the purpose of operating a particular commercial venture. A partnership is very similar to a joint venture in that both must be founded via an agreement between the participants to participate in the endeavor's earnings and losses. However, a joint venture is more common. In contrast to a partnership, the purpose of the endeavor is to complete a single task, rather than to establish a long-term working connection between the parties involved.