The undertaking of a specific commercial project by two or more companies or persons.
The definition of a joint venture is a business deal in which two or more people combine their expertise and share the risk, profits and liabilities.
An example of a joint venture is a school district and a city park commission coming together to develop a summer recreation program.
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.
An unincorporated business venture with two or more participants who share the financial risk and gain.