When you think about a joint venture, where does that fit in with all of the other types of corporations and organizations? A joint venture is similar to something like a partnership where you have a few different people coming together for a common goal in the business world. With a joint venture, though, you do not have a few people, but instead, have a few companies.
With a joint venture what you are going to have is two or more companies that are combining. They will come together, combine resources, efforts, property, labor, and more. In the end, the joint venture will share in all of the profits as well as all of the losses that come in as a result of the effort. There are times that a joint venture can be a big success, while other times where it just does not work out that well. Either way, understanding what the joint venture is can help from a definition standpoint. In all cases, you will need to obtain a partnership Tax ID Number in order to open a bank account for your Joint Venture.