ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -With individuals, when two or more persons come together to form a temporary partnership for the purpose of carrying out a particular project, such partnership can also be called a joint venture where the parties are “co-venturers".

Detailed explanation-2: -A joint venture is a temporary partnership that two companies form to gain mutual benefits by sharing costs, risks and rewards. You can use a joint venture partnership to speed up the expansion of your business by gaining access to scarce skills or entry into new markets.

Detailed explanation-3: -A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. Each of the participants in a JV is responsible for profits, losses, and costs associated with it.

Detailed explanation-4: -A joint venture is a combination of two or more parties that seek the development of a single enterprise or project for profit, sharing the risks associated with its development. The parties to the joint venture must be at least a combination of two natural persons or entities.

Detailed explanation-5: -This is perhaps where partnerships and joint ventures are the most different. A partnership’s purpose is not limited to a single project or goal; rather, it is oriented towards running a business or long-term enterprise and making a profit.