Joint Venture Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Joint Venture, written in plain English, along with examples of how it is used.
What is Joint Venture?
They are similar to a partnership where two or more persons or entities unite and agree for a specific purpose of business for the motive of profit. But unlike partnership, once that specific purpose if over and bills settled, such agreement cease to exist. Till the time the purpose is solved, each party binds the other legally and each one have rights in day to day management.