Joint venture

Partnership firms do not have a seperate legal identity of their own, hence they can not enter into a joint venture agreement.    However, partners of 2 firms, in their own capacity, can enter into a joint venture agreement. Further, Limited Liability Partnership firm LLP can enter into a JV with other LLP, as it has it's own separate legal identity. Thus, only those 'persons' can enter into a JV who have a seperate legal identity.