Joint venture

A Joint Venture is a contractual arrangement between two parties that is undertaken to complete a specific task whereas;
A partnership is an agreement between two parties wherein both the parties agree to share profits and losses of the activity undertaken.
Thus in a JV, a separate entity is formed that ceases to exist on completion of the task agreed whereas, a partnership firm continues operations until dissolved and formation of a separate entity is not necessary.

joint venture is essentially planned for short term mainly for one contract. the person involved in JV are called co-venturers.any specific statute of Government does not govern J.V. however, partnerships are normally undertaken as going concerns & are expected to last for a vry long period. persons involved in a partnership are called partners.the indian partnership act ,1932, governs partnerships.