A joint venture refers to a type of informal business relationship in which two or more entities enter into an agreement to share resources, funds, and/or expertise in order to take on a specific mission or business project. In most instances, the business project or mission that is undertaken by the entities of a joint venture is normally not transferable to parties that exist outside of the business relationship.
It is important to note that the entities within a joint venture will each maintain their own separate identities throughout the duration of the project and even after the project is complete. Once the mission or business project has been achieved, however, the business relationship formed in accordance with the joint venture agreement will typically be dissolved.