A joint venture is an arrangement in which two or more companies or parties join forces to engage in a specific business activity. The most common reasons for businesses to decide to enter into a joint venture include gaining access to new markets, increasing market power, and sharing resources. Unlike
Parties to a joint venture owe duties of trust or fiduciary responsibilities to their co-venturers. Two or more individuals or businesses may enter into a contract to form a joint venture. Typically joint ventures are temporary partnerships aimed at achieving a certain business purpose or set of goals.