A joint venture is the forming of two or more parties in order to combine and do business together. These parties come together to create a new entity by each contributing equity, they then share control over the enterprise, as well as additional duties. The venture must be for one specific project only, or for a continuing business relationship. The phrase "Joint Venture" generally refers to the purpose of the entity and not to its type. Joint ventures are very common in the oil and gas industry, and usually consist of local and foreign companies together. Additional information can be found with a lawyer in your area.