Meaning of Joint Ventures and Fundamentals of Accounting MEANING of JOINT VENTURE A joint venture is an agreement between two or more parties to combine their resources for the goal of completing a certain job or transaction. This task could be a new project or a different type of commercial activity. Each partner of a joint venture is liable for the earnings, losses, and expenditures associated with it. The enterprise, on the other hand, is a separate entity from its participants. EXAMPLE of JOINT VENTURE A joint venture is an agreement between two or more parties to combine their resources for the goal of completing a certain job or transaction. This task could be a new project or a different type of commercial activity. Each partner of a joint venture is liable for the earnings, losses, and expenditures associated with it. The enterprise, on the other hand, is a separate entity from its participants. Joint venture business When there is an advantage to be gained by pooling the
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