A joint venture is where individuals, corporations, partners, or a mixture of, agree to join together with the purpose of achieving a common business or investment activity.  Usually the union is to complete a specific project to earn income but could also be set up to complete a research or a product development goal.

Ideally a  joint venture is a properly formed strategic project where the union of two or more produces an outcome usually not possible or feasible and/or affordable otherwise.  Also a joint venture could be formed with the knowledge that there is a synergy or opportunity that would produce a better outcome.

A joint venture is usually a single transaction or an activity of limited duration with a specific and defined goal.  A business relationship must be formed with responsibilities, objectives and funding.  Each party must be aware of the limitations and pitfalls that might be encountered and ensure they are comfortable with the risks that might occur.  A legal contract is usually recommended.

A joint venture may be carried out with the intention of forming later after completion a more stable business organization, in the form of a new business, or franchise, or royalty payments, or product manufacture, or completed project for sale.

Profits and expenses are reported or claimed by each participant according to share and/or financial contribution.

Sometimes real property is owned as a joint venture instead of partnership.  Each joint owner reporting share of revenue, expenses, and depreciation related to their portion of ownership and control.