Question

Distinguish between Joint venture and Partnership firm.

Answer 1

A joint venture involves two or more companies joining together in business, whereas in a partnership, it is individuals who join together for a combinedventure. ... Whereas, apartnership involves an agreement between two parties wherein they agree to share the profits as well as any loss incurred.

Answer 2

The difference between Joint venture and Partnership firm can be explained as follows:

JOINT VENTURE:

• Meaning: It refers to the business in which two or more than two join up together for a limited time to achieve specific purpose.
• Governing Act: It is not being governed by any specific act.
• Minor Status: A minor can never be part of joint venture.

PARTNERSHIP FIRM:

• Meaning: It refers to the business arrangement in which two or more partners come to an agreement known as partnership deed for sharing of profits and losses.
• Governing Act: It is being governed by the Indian Partnership Act, 1932.
• Minor Status: A minor can be a part of a partnership firm but only for the benefits.

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