A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. ... In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it. Joint ventures can combine large and smaller companies to take on one or several big and small projects.
The key elements to a joint venture may include (but are not limited to):
1. The number of parties involved.
2. The scope in which the JV will operate (geography, product, technology).
3. What and how much each party will contribute to the JV.
4. The structure of the JV itself.
5. Initial contributions and ownership split of each party.
6. The kind of arrangements to be made once the deal is complete.