Joint Ventures

Joint ventures are loosely defined as a common project between legally and commercially independent companies in which the parties jointly bear both the responsibility for management and the financial risk (Miller et. al., 2000). Increasingly, the formation of joint ventures worldwide has resulted, in part, from the need to gain access to new consumer markets. The formation of a joint venture represents a complicated process whereby corporations must identify their own strengths and weaknesses and set clear strategic directions in

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rally rely on a management company to carry on the business on behalf of the joint venturers (Gabriel, 2000). A non-equity international joint venture is an example of an unincorporated joint venture where the agreement between the partners is for cooperation in the creation of a product without the creation of a new and separate corporate entity (Zeira & Newburry, 2000, p. 323). Regardless of what type of joint venture the parties enter into, joint ventures can further be defined as either vertical or horizontal depending on the nature of the relationship between the parties to the joint venture and what each party brings to the venture. Vertical or "turnkey" joint ventures are formed when the partners perform everything for the owner of the venture. Joint-venture partners in this category could include an architect, engineer, contractor, financing institution, or materials supplier, among others (IOMA, 1999). Such ventures are termed vertical because performance of the purpose of the joint venture occurs along a chain of command, with the entities at the lowest chain of command providing the bulk of the performance for the financial benefit largely of the entity or entities at the higher end of the chain of command. On the
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Approximate Word count = 3122
Approximate Pages = 12 (250 words per page)

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