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

A joint venture and partnership in construction both involve two or more individuals or businesses coming together to complete a building project. The key difference between the two is how liability is shared and the ownership structure of the project. In a joint venture, two or more parties agree to come together to share resources and expertise to work on a building project. In this arrangement, each party is liable for their own actions and is only responsible for their part of the project. The parties can also choose to share profits from the project, but have no ownership claims. In a partnership, all of the parties involved have equal ownership of the project and share in the profits, risks and liabilities associated with the project. This means that if one partner fails to deliver results, the other partners are held accountable. Additionally, all partners in a partnership are responsible for all of the debts and obligations that arise during the construction project. Although both a joint venture and partnership involve multiple parties working together on a construction project, the key differences between the two are in terms of ownership rights and the level of responsibility held by each party.

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

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