Generally, the definition of partnership is a business
with the intention of profit that is carried on by at least two persons
or entities. A partnership is not a legal entity, and each partner is
an agent of the partnership. Each partner is also jointly liable for
the debts of the partnership.
A joint venture is similar to a partnership in that it is also an operation
carried on with the intention of profit by at least two entities, but
it is an operation with a limited life (usually a specific project).
As well, the liability of the joint venture is not joint and several
in that one joint venturer is not liable for the liabilities of the
other joint venturers. There are certain tax advantages available to
a joint venture that are not available to a partnership.
< Back
The general opinions expressed herein are for information
purposes only and are not to be relied on. Individuals are encouraged
to seek legal advice as it relates to their specific fact scenario to
ensure they are fully aware of their legal rights and obligations.
