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. |
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FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
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