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Q.What is the difference between a partnership and joint venture?
A.Generally speaking, a joint venture is considered a form of partnership and is governed by partnership principles, including the Revised Uniform Partnership Act (RUPA). A joint venture, like a partnership, exists when the owners of a business agree to share the profits, losses, and control of that business. So what is the difference? Well a partnership conotes an ongoing business, while a joint venture typically involves a single transaction of limited duration.
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