Differences Between Partnership And Joint Ventures - SS3 Accounting Past Questions and Answers - page 1

The partnership is a long-term business collaboration, while the joint venture is a short-term project-based collaboration.

The partnership involves separate entities, while a joint venture involves a jointly-owned business.

The partnership is informal, while a joint venture is a formal business entity.

To run a long-term business together

To achieve a specific project or goal

To share resources with another business

Each party has an equal say in management and decision-making

Management is delegated to one party

There is no management involved in a joint venture 

Yes

No

It depends on the type of joint venture

Long-term

Short-term

Indefinite