International joint venture is a joint undertaking among two or more business entities from different jurisdictions. It means that the concept of joint venture can vary from country to country depending on the domestic law of the country where the joint venture exists. Within the European Union, joint venture agreement can be identified by some common features. It is important to mention that the joint venture aim is to reach a common result for the benefit of all the parties involved, and this kind of agreement lasts for a reasonable period of time. The definition generally refers to the purpose of the entity and not a type of entity. Therefore, as I will present, a joint venture may be a corporation, limited liability company, partnership, or other legal structure.
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