A Joint Venture (JV) is a cooperative enterprises entered into by two or more business entities. Sometimes the joint venture creates a separate corporation, limited liability company, or partnership. In other cases, the individual entities retain their individuality and they operate under a joint venture agreement. In any case, the parties in the JV share in the management, profits, and losses, according to a joint venture agreement (contract).
Joint ventures are often entered into for a single purpose - a production or research activity. But they may also be formed for a continuing purpose.