A joint venture is a business agreement between two or more parties to pool their resources for the purpose of accomplishing a specific task, often involving financial investment and sharing of risk. The participants in the joint venture share ownership, management, and profits or losses according to an agreed-upon formula. Joint ventures can take many forms, including partnerships between companies, strategic alliances, and collaborations among organizations. They are often used as a way for businesses to expand their reach, access new markets, or gain additional resources by working together with other entities.