What is the difference between partnership and joint venture?

Answer 1

joint venture can be considered as special partnership achieving a determine task.in partnership and joint ventures two or more persons are occupied in the business activities with the motive of earning profit.To start these businesses there should be an agreement.

Answer 2

Usually, a partnership defers from the joint venture but there are few similarities such as a Joint venture is a special partnership between two business entities while a partnership is undertaken by two individuals both has the same agreement process with closure clause.

Partnership and Joint venture have similarities like they both consider an agreement as an important factor.

JV and partnership share resources for the accomplishment of the goal they have been come together for.

Both of these terms have a scope that depends on the understanding of the venture partners or the individuals in partnership.

Answer 3

A Joint Venture is a contractual arrangement between two parties that is undertaken to complete a specific task whereas;

A partnership is an agreement between two parties wherein both the parties agree to share profits and losses of the activity undertaken.

Thus in a JV, a separate entity is formed that ceases to exist on completion of the task agreed whereas, a partnership firm continues operations until dissolved and formation of a separate entity is not necessary.

Answer 4

A partnership is an arrangement involving two or more persons who have agreed to undertake a business venture as co-owners, with the intent to make a profit.

A joint venture is similar to a general partnership, except that it is formed either for a specific, limited purpose or for a limited period of time.