Joint venture is an interest in an operation shared by two or more parties. The parties have no other relationship beyond the joint venture.
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
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