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A joint venture (JV) procedure typically begins with identifying a suitable partner or partners who share similar business objectives, resources, and expertise. Once partners are selected, the next step involves negotiating the terms of the JV agreement, which outlines each party's contributions, responsibilities, profit-sharing arrangements, and the duration of the venture.
After finalizing the agreement, the partners jointly invest in the project or business, pooling their resources—whether financial, technical, or operational—to achieve common goals. Throughout the life of the JV, the partners collaborate closely, with management and decision-making often being shared or clearly defined in the agreement. The venture operates according to the agreed-upon structure, and the profits and risks are distributed based on the terms set forth. If the venture reaches its goals or the agreed term expires, the JV may be dissolved, or it can be extended depending on the outcome and future prospects of the partnership.
