The differences between joint venture and partnership are stated below:
1. Parties
Joint venture: The participant in joint venture is known as co-ventures.
Partnership: The participant in partnership is known as partners.
2. Nature
Joint venture: It is temporary in nature and is terminated as soon as the venture is completed.
Partnership: It is a going concern business.
3. Name
Joint venture: It does not need any single name to carry on the activity.
Partnership: It always bears a first name.
4. Profit
Joint venture: Profits are ascertained after the completion of each venture.
Partnership: Profits are ascertained annually.
5. Basis Of Account
Joint venture: Cash basis account is followed.
Partnership: Accrual basis of account is followed.
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