Understanding joint ventures
A joint venture is a business partnership between two or more entities. However, not all JVs are limited partnerships. They can be any legal business structure, including a corporation, partnership, or limited liability company (LLC).
JVs typically bring together two or more entities that provide specific resources to the partnership. For example, one partner might contribute an existing operating business to the JV, and the other might make a cash payment to fund that business' growth.