Joint Venture

Joint Venture means:
an agreement by two or more parties to work on a project together. Term which is loosely used to describe a relationship between parties carrying on an undertaking in common for their individual or common gain. A joint venture, which is usually limited to one project, differs from a partnership, which forms the basis for cooperation on many projects. A joint venture can be either an incorporated venture or an unincorporated venture. A joint venture typically is required to file a partnership tax return. Former IRC (check if this IRC provision is current here) §7701(a)(2).