An example of a joint venture is a school district and a city park commission coming together to develop a summer recreation program.
joint venture - Investment & Finance Definition
An agreement between two or more companies to cooperate on a specific initiative. The joint venture may involve marketing a product, offering a service, or expanding into a new geographical territory. Often, companies undertake joint ventures with companies in other countries as a way to expand into new markets. While the local company will have the business relationships and current business operations, the foreign company may bring a brand name and managerial skills.
joint venture - Legal Definition