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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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Provided that there is a full-function joint venture it will be within the Regulation.
The joint venture management system may be one way to insure technology transfer.
They had to agree to a joint venture with the Tokelauans, giving them a share of profits.
Merck and Schering have a joint venture to market the cholesterol drug Vytorin.
It has been permitted to form a joint venture for the manufacture of synthetic rutyl and titanic dioxide.
This seems to me to be inconsistent with a contention that a binding agreement for a joint venture survived.

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