How is a joint venture different from a partnership?Question 6Answera.Two or more individuals or parties can work together only in a partnership.b.None of the other options are correct.c.In a joint venture the parties are not seeking to make a joint or shared profit, whereas in a partnership they are.d.The parties are not working in common in a joint venture.

A joint venture and a partnership are both forms of business arrangements that involve two or more parties working together. However, they differ in several key ways:

1. Purpose and Duration: A joint venture is typically formed for a specific project or for a limited period of time. Once the project is completed or the time period has elapsed, the joint venture is usually dissolved. On the other hand, a partnership is generally formed with the intention of running a long-term business and does not have a specific end date.

2. Profit Sharing: In a joint venture, the parties may not necessarily be seeking to make a joint or shared profit. Each party may contribute different resources and take a different share of the profits, depending on their agreement. In a partnership, however, the partners typically share profits and losses equally, or according to their partnership agreement.

3. Liability: In a joint venture, each party is only responsible for the liabilities of the venture to the extent of their investment in the venture. In a partnership, however, each partner is personally liable for the debts of the partnership.

4. Control and Management: In a joint venture, control and management are typically shared equally among the parties, regardless of their investment in the venture. In a partnership, control and management are usually determined by the partnership agreement, and may not be equally shared.

So, the correct answer to your question would be c. In a joint venture the parties are not necessarily seeking to make a joint or shared profit, whereas in a partnership they are.