Joint Venture and Partnership: Definitions, Legal Issues, and Leading Cases

Running head: REPORT 0
company law
SEPTEMBER 5, 2018

REPORT
Contents
Definitions of Joint venture and partnership-........................................................................................2
The leading cases dealing with the definition of a joint venture-..........................................................3
The legal issues dealing with the definition of a joint venture-.............................................................3
Selection of business structure-............................................................................................................4
Conclusion.............................................................................................................................................4
References.............................................................................................................................................5

REPORT
The joint venture and partnership is two different concept. The joint venture refers to the
contractual agreement, which joins two or more than two people for the object of executing the
specific business enterprise. In a joint venture, each party of agreement agree to share the profit and
loss of business enterprises. On the other hand, the partnership is called link of two or more than
two people to conduct single business undertaking for attaining profit. Generally, there is no
significant distinction between partnership and joint venture. A joint venture is regarded as the form
of partnership.
In this report, the difference between partnership and joint venture, legal issue related to
definition of joint venture is discussed and examined with the help of case law.
Definitions of Joint venture and partnership-
Joint venture is not partnership in severe sense though it is temporary partnership. The joint
venture is not formed through operation of law. The joint venture establishes the fiduciary relation
or confidential relation between the parties. However, the presence of joint venture is subject of
matter, which has to be determined in accordance with the particulars and conditions of every case.
The joint venture is defined in many ways-
 As per the definition of joint venture, the joint venture is business or project, where two or
more than two corporations or people have made investment with the purpose of
functioning together (Bryson, 2016).
 The joint venture is a prearrangement between two or more than two corporations or
individuals to perform together for the specific object or on specific assignment (Elgin, et. al,
2017).
 A joint venture is called commercial undertaking accepted jointly by two or more than two
people which otherwise keep their different recognition.
Further, the partnership refers to the procedure or method of business in which ownership is
shared by two or more than two people. The partnership has been defined as follows-
 The partnership is called relationship where two or more than two individuals, corporations,
or nations perform together in the capacity of partners.
 The partnership is a corporation, which is owned by two or more than two individuals, who
share threats and rewards of undertakings (Nystrom, et. al, 2018)
The leading cases dealing with the definition of a joint venture-