![]() They only work together to achieve their desired goal. ![]() Legal Independence: Both entities are legally independent. ![]() Here are some defining characteristics of a joint venture: Joint ventures have a limited life and purpose, requiring less commitment than a more permanent type of partnership that imposes more responsibilities and obligations on each partner. Termination: The conditions under which the joint venture will end.Exclusivity: Whether either party can perform business with other entities outside of the agreement. ![]()
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