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A joint venture is usually formed for a single transaction or project
What is a joint venture?
The term "joint venture" (abbreviated "JV") refers to a corporate company formed by two or more partners that are typically distinguished by shared ownership, rewards and risks, and governance. Companies frequently enter into joint ventures for one of four reasons: to obtain access to a new market, especially an emerging market; to achieve scale efficiencies by integrating assets and operations; to share risk for significant investments or projects; or to gain access to talents and capabilities. The argument that joint ventures lessen downside risk was refuted in research by Reuer and Leiblein.
However, certain joint ventures, including those in the oil and gas sector, are "unincorporated" joint ventures that mimic a corporate organization. When two or more people work together temporarily to create a partnership for the purpose of carrying out a specific project, that partnership may also be referred to as a joint venture, with the parties involved being referred to as "co-venturers."
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