Partnership and Joint Venture

Joint ventures and partnerships are common forms of legal structures used by business owners to combine resources, talents, or skills with another person or business. Often, business owners mistakenly interchange the two terms to define the association with the misunderstanding that they are one and the same. Although these legal arrangements share many similarities there are significant differences business owners should be aware of when attempting to form an alliance with another enterprise. Evaluating the pros and cons of each agreement in advance will empower businesses to make the best strategic decision to help them achieve their goals.