Joint ventures, usually abbreviated as JV, are combined of two or more legal structures coming together. A joint venture may be considered as many different business entities however, depending on a number of things, such as tax and tort liability, joint ventures are normally formed for a specific purpose. Joint ventures can be commonly found in the oil/gas industries. A few reasons for bringing together joint ventures are wanting to build the company's strength and decrease their weakness, improving access to financial resources, as well as, pre-empting the growing competition. Please consult an attorney for more information.