What is the difference between a partnership and a joint venture?

In California, a partnership and a joint venture are both legal business relationships that involve two or more parties working together in some capacity. However, there are a few key differences between the two. A partnership is a business relationship between two or more people or entities that share ownership of the same business. This means that each partner will have an equal claim to the overall profit, as well as an equal responsibility for the overall liabilities of the business. In a partnership, each partner has the authority to make decisions related to the business. A joint venture, on the other hand, is a business relationship where two or more parties come together to form a unique business enterprise without any of the parties necessarily owning the business. Instead, the parties are trying to make a quick profit from a specific venture or project. In a joint venture, each partner has the ability to make decisions related to the specific venture, but does not necessarily have an equal claim to the overall profits or liabilities. In short, a partnership is an ongoing business relationship between two or more parties with shared ownership, while a joint venture is a short-term project between two or more parties that do not necessarily share ownership.

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What is the difference between a partnership and a joint venture?

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