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joint venture :: legal definition


Joint venture - n. an enterprise entered into by two or more people for profit, for a limited purpose, such as purchase, improvement and sale or leasing of real estate. A joint venture has most of the elements of a partnership, such as shared management, the power of each venturer to bind the others in the business, division of profits and joint responsibility for losses. However, unlike a partnership, a joint venture anticipates a specific area of activity and/or period of operation, so after the purpose is completed, bills are paid, profits (or losses) are divided, and the joint venture is terminated.

See also: partnership and Related Law Terms ↓


Related Law Terms

general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint enterprise :: n. a generic term for an activity of two or more p ... liability joint venture partnership
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
syndicate :: n. a joint venture among individuals and/or corpor ... l dissolve. See also: joint venture

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