This term has no precise legal definition in New Zealand. It describes a commercial arrangement between two or more individuals or companies that is commonly used for the purpose of undertaking a specific project or general business activity or transaction with a view to profit, usually within a defined timeframe. The legal form of a joint venture can be separated into two main categories:

The terms of a joint venture arrangement are usually governed by a joint venture agreement between the parties. A joint venture differs from a partnership in that a partnership usually involves an ongoing, long-term business relationship in which the interests and liabilities of the parties are generally held jointly, whereas the focus of a joint venture is usually on a particular business activity or transaction and the participants hold their interests and entitlements in, and are responsible for their liabilities in relation to, the joint venture separately rather than jointly.