Joint Venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly emerging market; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.'
Most joint ventures are incorporated, although some, as in the oil and gas industry, are "unincorporated" joint ventures that mimic a corporate entity. With individuals, when two or more persons come together to form a temporary partnership for the purpose of carrying out a particular project, such partnership can also be called a joint venture where the parties are "co-venturers".
A joint venture can take the form of a business. It can also take the form of a project or asset JV, created for the purpose of pursuing one specific project, as an "industry utility" that provides a narrow set of services to industry participants, or may be created for the purpose of defining industry standards.
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- 1970-01-01T00:00:00.000000Z
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