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Incorporate your Business
A joint venture allows one or more parties to pool their resources in the form of capital, knowledge, technology, physical assets etc to achieve the specific task or project. Joint ventures are generally short term though they can be for an indefinite period also. It is a kind of partnership, but for some specific purpose.
Many domestic companies enter into joint ventures with foreign companies in order to pool their technology, know-how for some specific project. Also, the same way small companies enter into joint venture with large companies to share their knowledge and expertise to achieve some common business objective.
Joint venture agreement outlines the purpose of the joint venture and other terms & conditions governing the joint venture. It serves as a legal document in the event of a dispute between the joint venture parties.