Drafting Joint venture salient feature

Features of Joint Venture are :

1. It is an agreement between two or more persons.

2. No Specific name of the firm is necessary for a joint venture business.

3. The object is execution of a specific work.

4. The venturers share profits or losses in an agreed ratio. In the absence of any agreement, it is assumed to be equal.

5. The venture comes to an end as soon as the venture is completed. Hence it is temporary in nature.

6. The venturers may do any type of business of their own during the course of the venture.