Joint venture

joint venture: in business law, a contract, arrangement or understanding between two or more parties to carry out a specific business venture or commercial enterprise; the arrangement can be documented in a business  contract known as a joint venture agreement; the legal form of a joint venture can vary; for example, two joint venturors may incorporate a limited company as a special purpose vehicle (SPV), with both holding shares in the SPV and the SPV conducting the business of the joint venture; or two joint venturors may simply enter into a contractual cooperation agreement.