A joint venture is a type of a partnership formed to complete a business project or a transaction. A joint venture typically lasts for a limited period of time (usually of 5–7 years). In a joint venture, two parties usually agree to share capital, risks, rewards and other resources.
A joint venture is started with a particular project in mind and ends after the completion of that project. For tax and other legal purposes, a join venture is considered a partnership. They are commonly seen in real estate transactions, but joint ventures can be formed for variety of purposes.