This term has no precise legal definition in Australia. 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: incorporated joint ventures and unincorporated joint ventures. 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 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.

For more information, see Practice note: overview, Joint ventures in Australia and for a guide to Practical Law's resources relating to joint ventures, see Toolkit, Joint ventures.

See also Practical Law's topic Joint ventures.