The Difference Between Joint Venture And Partnership

Published by slang July 2nd, 2008 in Joint Venture(s)

For those unfamiliar between Joint Venture and Partnership, tabulated below in summary some of the differences:

Joint Venture	Partnership
Limited to a specific venture.	Not limited to a specific venture.
Partners are called co-ventures.	Persons carrying on partnership business are called partners.
No specific Governing Act for joint venture.	Partnership firms are governed by the Partnership Act.
No common firm’s name in joint venture.	Carried on under firm’s name.
Joint venture is a terminable profit seeking venture.	Partnerships are continuing profit seeking enterprise.
Profit or loss is ascertained after the end of the specific venture.	Profit or loss is ascertained on an annual basis.
The doctrine of implied authority is not applicable to co-ventures	The doctrine of implied authority is applicable to partners.