On a course the other day we were asked to clarify what a joint venture is, whether or not it takes the form of a separate company.
Think of a joint venture as a project partnership, supported by a contract to protect each independent party's pooled capital and agreed return. Generally, each party has the right of veto over strategic decisions.
A joint venture doesn't have to be a separate legal entity, but a joint venture agreement will usually be a legal document.
