How do joint ventures differ from private corporations?

Question

Quizplus · Accepted Answer

The key difference between joint ventures and private corporations is that joint venturers cannot make unilateral decisions. In joint ventures, both parties must collaborate and agree on decisions. Joint venturers also share the risks and profits of the venture, but this does not necessarily have to be equal. There can be more than two parties in a joint venture, and while it may not have a board of directors, it can have an organizational structure similar to that of a corporation.

How Do Joint Ventures Differ from Private Corporations