When two or more persons agree to do a particular business or to carry out particular contract jointly and form a sort of temporary Partnership with a view to share the profit or loss among them, they are said to have entered into a "Joint Venture". It may be defined thus, "Joint Venture or Joint Trade is a Partnership conferred to a particular adventure, speculation cause to trade or voyage, and in which the particulars either latent or known, use no firm or soul name and incur no responsibility beyond the limits of the adventure".
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