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What is the difference between partnership and joint venture?

In: Business & Finance, Architecture, The Difference Between [Edit categories]

Answer:

A Joint Venture is a contractual arrangement between two parties that is undertaken to complete a specific task whereas;
A partnership is an agreement between two parties wherein both the parties agree to share profits and losses of the activity undertaken.
Thus in a JV, a separate entity is formed that ceases to exist on completion of the task agreed whereas, a partnership firm continues operations until dissolved and formation of a separate entity is not necessary.

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First answer by ID1039658296. Last edit by Umar a.s. Contributor trust: 0 [recommend contributor ]. Question popularity: 21 [recommend question].

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