What is the difference between forming a Joint Venture and forming a Partnership?

Although both forming a Joint Venture (JV) and forming a Partnership are collaborative projects, they both differ in scope and structure. A JV can often be  a short-term project where two or more parties agree to either form a separate legal entity with shared liability or simply conduct the JV under a JV Agreement. A Partnership is typically an ongoing business relationship where parties combine their resources to run a business, sharing profits, losses, assets and liabilities based on the type of partnership and agreed terms.