A joint venture is an association of two or more person who undertake business venture like building erection, underwriting of shares of new companies, acquiring an auctioned goods for sale or developing a particular piece of land for residential and commercial purposes. This participation is called joint venture. Strictly speaking, a joint venture is a partnership though limited to a single business venture. As soon as the particular job (joint venture) for which they combined their capital and effort is completed, their relationship comes to an end. The profit or loss is shared as per their agreement. If no agreement is made regarding the division of profit, it will be divided equally among the participants. The relationship between the participants is called co-adventures. Thus the joint venture is like a temporary partnership without a firm name. it can also be said a particular partnership or partnership for a particular object.