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What is a joint venture?

What is a joint venture? Here are some definitions.

Noun
  1. A cooperative partnership between two individuals or businesses in which profits and risks are shared.
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Examples
They had to agree to a joint venture with the Tokelauans, giving them a share of profits.
It now sells its products on both coasts and has a joint venture with a New York lamb wholesaler.
It has been permitted to form a joint venture for the manufacture of synthetic rutyl and titanic dioxide.
The trio's new joint venture intends to bid for other inter-city rail franchises in Britain.
This seems to me to be inconsistent with a contention that a binding agreement for a joint venture survived.
Merck and Schering have a joint venture to market the cholesterol drug Vytorin.

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