property
joint venture
An arrangement in which two or more people or businesses join together for a single project or a limited purpose, such as developing one subdivision, without forming a permanent partnership. Participants share profits, losses, and control according to their agreement. Many joint ventures are organized as partnerships or LLCs for the duration of the project and dissolve when it is completed.
- Exam tip
- The key distinction is scope: a joint venture is for one specific project, while a general partnership is an ongoing business.
- Example
- A landowner and a builder agree to jointly develop 20 townhomes and split profits 40/60; once the units are sold, the venture ends.
Related terms & state variants
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Last verified: 2026-10-23