A Joint Venture is a business arrangement in which two or more parties (companies or individuals) agree to pool resources, expertise, and capital to undertake a specific business project or activity for a defined period, sharing profits, losses, and control. Unlike a partnership, a joint venture is typically limited to a specific project or purpose; it can be structured as a contractual arrangement (unincorporated JV) or as a separate legal entity (incorporated JV company) in which each party holds an equity stake proportionate to their contribution.