A joint venture, as defined by Webster’s, is an entity formed between two or more parties to undertake an economic activity together. The parties that wish to form this group, though separate at the beginning of the venture, makes agreed upon allowances in work division and economic contributions.
The venture is usually for one specific project only and usually the venture will break once that particular job is done. Sometimes the ventures, if successful, will come together as a continued venture in another line of direction or the venture will follow the same line, but will end when the venture goal ends.
There is equity in states when a joint venture becomes solidified. If there were no equity in states then the joint venture would be called a strategic alliance and the alliance is not as rigid both economically and physically as a joint venture. A joint venture may be a corporation in which duel agreed upon investments in money and time are agreed on or there is a lesser form where one partner will have a limited liability than the other. The joint venture can be called a partnership, but the legal structure of a partnership would hold each party liable equally in case of civil or criminal litigation. Joint ventures are common in the gas and oil industry, but they are often done on a much smaller scale. Sometimes two business men will just agree
to come together to market a certain product or to do research and development that will benefit both. Joint ventures have a fairly low rate of success if geographic location, communication, and all avenues of business if not planned and implemented from the start. Joint ventures do well in third world countries where the substance of one man cannot compete with the local economy without the assistance of another. In industrial countries, the idea of a joint venture is to use the other partner's materials, money, expertise, or marketing outlets to further the ambitions of the first partner.
The negative aspect of a joint venture is that if the product is technologically based, then most partnerships cannot keep up with the technological changes in the makeup of the product or the structure of the joint venture prohibits the product to keep up with competition due to marketing strategies and initial marketing output. Because of this many countries such as China and India require that joint ventures have to be formed with domestic companies in their home country before they can enter the market for that particular product. This is due to the high failure rate of joint ventures with outside companies due to cultural differences, language, currency, and other factors that limit productivity and marketing.
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