Two or more business entities or individuals may enter into an agreement to conduct a specified project. This type of relationship is referred to as a joint venture. It is intended to relate to one business opportunity or a project of limited duration. A joint venture enables the participants to capitalize on their respective strengths for the good of the venture. The form of the venture may be as partnership (general or limited), limited liability company, or a corporation depending on the needs of the venturers.

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