A Joint Venture is a General Partnership typically formed to undertake a particular business transaction or project rather than one intended to continue indefinitely. Most often, joint ventures are used in real estate matters where 2 or more persons undertake to develop a specific piece of real property.

Risks of an undertaking are divided among the partners.
Financial or other resources can be combined to undertake projects which could not be undertaken alone.
Greater managerial control than is available pursuant to contractual undertakings.
The exchange of necessary information is fostered by the joint venture relationships due to the clearly common interest in commercial success.
Due to investment laws and cultural preferences, joint ventures may often be the preferred or the only way of doing business in many foreign countries.
Valuation uncertainty can be easily handled.
Fair dealing between partners can be mechanically encouraged.
Joint ventures permit desired integration where merger would be impractical or legally impossible due to size and diversity of the parties.
Economies of scale can be achieved.
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