what is the deference between partnership and joint ventures - Business Studies - Forms of Business Organisations

Question

what is the deference between partnership and joint ventures?

Vaishali Nebhwani · Accepted Answer

Dear student,

Following are differences between Joint venture and a Partnership
Firm

JOINT VENTURE

PARTNERSHIP

It is a business formed by two
or more than two persons for a limited period and a specific
purpose

It is a
business arrangement where two or more persons agree to carry on
business and have mutual share in the profits and losses of the
firm

There is no specific act governing Joint
Venture
It is governed by The Indian Partnership
Act 1932

Profit is ascertained at end of
venture
Profit/ Losses are ascertained
annually

There is no specific trade name in Joint
Venture
There is specific trade name in case of
partnership

Regards

JOINT VENTURE	PARTNERSHIP
It is a business formed by two or more than two persons for a limited period and a specific purpose.	It is a business arrangement where two or more persons agree to carry on business and have mutual share in the profits and losses of the firm.
There is no specific act governing Joint Venture	It is governed by The Indian Partnership Act 1932.
Profit is ascertained at end of venture	Profit/ Losses are ascertained annually.
There is no specific trade name in Joint Venture	There is specific trade name in case of partnership.