partnerships and joint ventures

Partnerships and joint ventures are collaborative arrangements between two or more parties. A partnership typically involves two or more individuals or businesses working together to share profits, losses, and responsibilities on an ongoing basis. Each partner manages the business and is personally liable for its debts. In contrast, a joint venture is a more limited collaboration, often formed for a specific project or purpose, where each party contributes resources and shares risks and rewards. Joint ventures typically have a defined duration and are often dissolved once their goal is achieved. Both structures foster shared expertise and financial investment.