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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
It now sells its products on both coasts and has a joint venture with a New York lamb wholesaler.
Merck and Schering have a joint venture to market the cholesterol drug Vytorin.
The trio's new joint venture intends to bid for other inter-city rail franchises in Britain.
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.
The brothers have performed amazingly over the past year, due largely to the flotation of their joint venture company.

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