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Joint Venture

This is a highly technical term, as distinguished from a general or limited partnership, in which two or more parties (usually two) maintain their separate business identities but join together to carry out a particular project or undertaking.  The difference is that partners are responsible for each other’s actions whereas joint venturers are not.  It is very difficult to properly distinguish between the two forms and which is a sophisticated business structure usually undertaken only with significant legal assistance.  The joint venturers are usually corporations and a separate corporation is often set up to carry out a joint venture.