Joint venture is an interest in an operation shared by two or more parties. The parties have no other relationship beyond the joint venture.
Applying "Joint Venture" to Securities Exams:
When two or more companies what to share the responsibility of developing a project such as developing an oil or gas well they may elect to form a joint venture. By forming a joint venture or a JV the companies will spell out their respective responsibilities for development and each companies participation in the revenue generated by the shared project. entities participating in a JV do not form any other legal obligations to each other by forming the JV