joint venture

joint venture. A business undertaking by two or more persons engaged in a single defined project. • The necessary elements are: (1) an express or implied agreement; (2) a common purpose that the group intends to carry out; (3) shared profits and losses; and (4) each member’s equal voice in controlling the project.

— Also termed joint adventure; joint enterprise. Cf. PARTNERSHIP; STRATEGIC ALLIANCE. [Cases: Joint Adventures 1.1,

1. 2. C.J.S. Joint Ventures §§ 2–3, 10, 12–13, 20.]

“There is some difficulty in determining when the legal relationship of joint venture exists, with authorities disagreeing as to the essential elements…. The joint venture is not as much of an entity as is a partnership.” Henry G. Henn & John R. Alexander, Laws of Corporations§ 49, at 106 (3d ed. 1983).

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词条贡献者

法律翻译Gilbert，毕业于亚洲顶尖的高级翻译学院，擅长翻译有关矿产资源领域的法律文件。