ChanRobles Virtual law Library

Joint venture, concept:

Joint venture, within the concept of Philippine law, is organized or established only for some transient or temporary business objective.  It is often characterized as being similar to a partnership in the sense that there exists among the joint venturers, commonality of interest and mutual right of control, not to mention the mode by which profits or losses are shared.  Joint ventures are usually resorted to by corporations - domestic or foreign-based - which are not allowed to form partnerships or become partners in a partnership.  Only individual, natural persons are permitted to form partnerships.