A joint venture partnership is a business arrangement where two or more parties come together to pool their resources and expertise to achieve a specific goal, typically creating a new entity or project, while sharing both the risks and rewards. Each party maintains its separate business identity but collaborates closely on the joint undertaking, often contributing capital, technology, or intellectual property. Unlike a [[strategic alliance]], which is generally less formal and may not involve equity stakes or the creation of a new entity, a joint venture involves a more integrated approach with shared ownership and management responsibilities.