TOEIC question: differences between partnership and joint venture

[hongrose1986]

what kind of form business is more important?

Hongrose

[Torsten]

This really depends on a number of factors. A joint venture is a collaboration between two or more companies whereas a partnership can be a company or an association.
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[hongrose1986]

sorry but could you explain more specific?
what are differences between partnership and joint venture

[toeic]

There is a commonly used abbreviation for joint venture which is JV. Basically, it's a strategic alliance between two or more companies which create a new commercial entity. They do so by contributing business resources. The companies involved in a joint venture share the revenues, the expenses as well as the control of their new enterprise.

A partnership is one business entity. This means, two or more individuals agree to form a company and each of the partners gets an equal share of the profits and losses of their business.
So, the basic difference between a joint venture and a partnership is that a joint venture is made up by two or more established companies whereas a partnership is formed by two or more individuals.
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[altavistea]

Previously I used to have confusion regarding joint venture and partnership.Now your explanation removed that.

[Torsten]

Hi AltaVista,

Welcome to english-test.net! It's great to hear you now understand the difference between a partnership and a joint venture. Please tell us more about yourself. Where are you from and what do you do?

Regards,
Torsten
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TOEIC Preparation & TOEIC Vocabulary

[ivan gonzalez]

I’m very confused about the definition of the words “end” and “finish” could you please explain a little more?