In point of view of business, a joint venture agreement is a document which signed between two individuals & companies when they’re agreed to start their new project of business as partners is called a joint venture agreement. However we can also call this as a partnership agreement, because both agreements having similar meanings & uses but different approaches. Thus, as I said above a joint-venture agreement will be signed between at least two entities when they both are coming together for a same cause. As a matter of case a joint-venture agreement is a legitimate piece of document which may be prepared on temporary basis.
Seemingly, there’s not a considerable difference between these two partnership & joint-venture agreements, but in the scenario of modern business there’s only a single difference which typically roll them aside from each other. Therefore, people of business & entities may assume that the joint-venture agreement is inevitably use when business or companies are agreeing to start some project or system for limited period of time.
Whereas, a partnership agreement is a long lasting conditional or unconditional agreement which will cover all the legal aspects of business deals. Furthermore, a joint venture will also be generated for limited set period of time or be that as it may be for single project. Despite the fact, a joint-venture agreement may have following sub types, i.e. joint-venture for contractual purposes, for corporate or strategic matters, for long-lasting partnership in a specific area of business.
Obviously there are several areas those must touch by the parties before signing a deal, just like; how much resources will be use by both of entities, how they can allocate the overall resources, how money will be divide for projects, use of employees/equipment, research funding, future of existing projects, combination of resources, policy matters, involvement of partner in strategic issues, etc. In addition, whenever two or more entities will be entering into some partnership they’ll legally sign an agreement which seemingly cover the respective resources.