A joint venture is a business agreement between two or more independent companies that come together for the purpose of carrying out a specific project or business activity. Each company contributes capital, expertise, or technology and shares the profits, losses, and risks arising from the joint operation. A joint venture allows partners to pool their resources and skills, gaining access to new markets, technologies, or products that might otherwise be difficult to reach on their own. A joint venture can take various forms, from a separate legal entity to a temporary project-based collaboration.