joint ventureA business undertaking by two or more persons engaged in a single defined project.
? The necessary elements are: (1) an express or implied agreement; (2) a common purpose that the group intends to carry out; (3) shared profits and losses; and (4) each member’s equal voice in controlling the project.
¡ª Also termed joint adventure; joint enterprise. Cf. PARTNERSHIP; STRATEGIC ALLIANCE. [Cases: Joint Adventures 1.1, 1.2. C.J.S. Joint Ventures ¡ì¡ì 2¨C3, 10, 12¨C13, 20.]