Joint venture

lalhriatpuia (Querist) 17 October 2011 This query is : Resolved
whats are the difference of Joint venture, contract and agreement in the eye of law

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Bhumik Dave (Expert) 17 October 2011
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. There are other types of companies such as JV limited by guarantee, joint ventures limited by guarantee with partners holding shares. Where as Agreement which enforceable by law is contract.

prabhakar singh (Expert) 17 October 2011
An appreciable comment by Mr.Bhumik Dave.

1]when two are more persons agree by negotiations called offer and acceptance,it is said an agreement has been formed;
2]When such an agreement is found enforceable
at law,it is said an agreement has taken a shape of contract.
3]A Joint Venture [JV]is also an agreement and enforceable at law makes it contract.
A JV is The cooperation of two or more individuals or businesses entities in which each agrees to share profit, loss and control in a specific enterprise.The silent
features of a JV has been already stated by Dave.