In general terms, a joint venture is a commercial arrangement between two or more parties who agree to work together, combining resources and skills, to achieve a particular goal.
This arrangement could be with a friend, a member of family, colleague, or perhaps another business. The term joint venture is an umbrella term which covers a wide range of collaborative business arrangements, which all vary in terms of the level of integration of the participants and also vary in duration, with some having a fixed duration and others indefinite.
Victoria McMurray, Senior Associate, MacRoberts LLP covers the main points below.