It can be said in conclusion that:
Any assumptions couldn’t be relied on that from a partnership a joint venture would be differently treated; it has been seen that joint ventures also owe another kind of fiduciary duties.
Particular care must be taken to document the venture in case a client really wishes to participate in a joint venture- the documents would include:
Thus, on the basis of the above cases it could be said that there are situations where people could regard joint venture as a partnership. However, the case is not true in the all the cases and there could be situations where it is not regarded as a partnership.
Joint venture means a situation in which two or more firms join with each other in a business setting. But, in case of partnership for a combined venture it is individuals who join together. There is a contractual agreement in a joint venture amongst the two firms wherein the aim of the venture is to commence one particular work (Berg 1982). On the other hand, in case of partnership amongst two parties, an agreement is involved where there is an agreement between the partners to share the losses and the profit. Thus, it is true to conclude that they both are very much different from one another.