Joint Adventure in the United States

Joint Adventure Definition

An enterprise undertaken by several persons jointly to carry out a single business enterprise for profit. See also the entry on Joint Venture in the American Legal Encyclopedia here.

Joint Venture or Adventure

An association of two or more persons for a given, limited purpose, without the usual powers, duties, and responsibilities that go with a partnership (in U.S. law). Thus, if two people buy a specific piece of real estate for resale at a profit, they become parties to a joint adventure; but if they enter into an agreement whereby each contributes money and services in establishing and carrying on a real estate business, they become members of a partnership. (Revised by Ann De Vries)

For other meanings of it, read Joint Adventure (Venture) in the Legal Dictionary here. See also definitions of Joint Venture in the Legal Dictionary here.