What is the difference between partnership and joint venture?
A Joint Venture is a contractual arrangement between two parties that is undertaken to complete a specific task whereas;
A partnership is an agreement between two parties wherein both the parties agree to share profits and losses of the activity undertaken.
Thus in a JV, a separate entity is formed that ceases to exist on completion of the task agreed whereas, a partnership firm continues operations until dissolved and formation of a separate entity is not necessary.
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