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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.

A joint venture agreement is a legal contract that unites two or more parties, whether individuals or companies, in the pursuit of a common goal. The contract stipulates that the parties will combine their resources in order to achieve mutually beneficial ends.

Joint ventures can be: incorporated ? eg a company or a limited liability partnership (LLP) unincorporated ? eg a partnership, a cooperation agreement or strategic alliance.

Project Joint Venture ? this is one of the simplest, most common type of joint ventures that most companies enter. It is defined by a single specific goal set by both entities, and by the fact that the agreement ends when the project is completed and the initial goal is achieved.

It is highly recommended, however, that a complete written agreement is created to avoid confusion and dispute at a later time. See our article on Oral or Written Contracts. The agreement entered into between the parties must evidence the intent of the parties to enter into a joint venture.

Key Takeaways Joint Ventures are of four types, namely, Project-based joint ventures, vertical joint ventures, horizontal joint ventures, and functional-based joint ventures. The type of joint venture to adopt depends upon each person's case situation and the synergy companies expect to achieve.

How to write a Joint Venture Agreement Establish the details of the joint venture. Add information about your industry, location, and which type of venture you'll form. ... Describe the members of the joint venture. ... Set terms for business management. ... Set terms to help avoid or manage disputes.