joint venture

joint venture

A 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.]


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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.