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

A joint venture and a partnership are both business agreements between two or more parties. However, they are different in certain aspects. A joint venture is a business agreement in which two or more people or companies join forces, either temporarily or permanently, to form a single business enterprise for a specific purpose. A joint venture can be formed for a single project, a limited amount of time, or a long-term business partnership. The venture usually requires the parties to share costs, profits, and losses equally. A partnership is a business agreement in which two or more people or companies join forces on a long-term basis to form a single business enterprise. Partners are responsible for all of the risks and rewards of the partnership. Partnerships are generally formed to pursue a common goal and are usually structured to allocate profits and losses between the different partners. In contrast, a joint venture does not necessarily involve ongoing business operations. It can involve a single project or transaction, and partners in the venture are not usually responsible for debts or obligations of the venture. Partners in a joint venture may also have unequal shares of risks and profits. The main difference between a joint venture and a partnership is that a joint venture is typically a short-term business agreement, whereas a partnership involves ongoing business operations and is usually formed to pursue a common goal.

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

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