What is the difference between a joint venture and a limited liability company?

A joint venture and a limited liability company (LLC) are two different types of business structures. The main difference between a joint venture and an LLC is the level of liability and control each entity has. A joint venture is a type of business structure in which two or more parties voluntarily come together to work on a specific project or goal. Each party provides resources, such as capital, skills, or products, and shares the responsibility of achieving the goal. The parties are jointly liable for any losses or debts associated with the venture. By contrast, an LLC is a form of business structure that limits the liability of the business owners, known as members. The members are not personally responsible for any debts or losses incurred by the LLC. Instead, the LLC is responsible for any debts or losses associated with the business. The LLC is managed by a board of directors or assigned members, who makes decisions on how to run the business. The primary difference between a joint venture and an LLC is the degree of control and responsibility each entity has. In a joint venture, all parties are jointly liable for any losses or debts associated with the venture. With an LLC, the members are not personally responsible for any debts or losses that the business incurs.

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What is the difference between a joint venture and a limited liability company?

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