The contractually agreed sharing of control over an economic activity.

The contractually agreed sharing of control over an economic activity; it exists only when the strategic and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).

A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.

A joint venture that involves the establishment of a corporation, partnership or other entity in which each venturer has an interest. The entity operates in the same way as other entities, except that a contractual arrangement between the venturers establishes joint control over the economic activity of the entity.