Legal Question in Business Law in Montana

Re: Define a Joint venture

A Joint Venture, legally, is a single-shot undertaking between 2 entities [people, corporations], in the nature of a partnership to accomplish a common goal.

One of the newer, more noticeable joint ventures is between Pizza Hut and Taco Bell, when they join forces and occupy a common facility.

A joint venture provides an interest to both entities in the venture, but not in each other.

It is a common device in business, but usually of limited scope and duration.

Re: Define a Joint venture

A joint venture is a business undertaking by two different business entities (sole prietorships, partnerships, corporations or any combination thereof) in the form of a separate business entity which can be either be a partnership or a corporation as the parties may choose.