A joint venture is the company controlled jointly by a limited number of partners. The key factors determining joint control are: i) a limited number of partners sharing control (without any partner able to claim exclusive control), and ii) a contractual arrangement outlining and defining how this joint control is to be exercised.

(See Chapters 6 and 40 of the Vernimmen)

To know more about it, look at what we have already written on this subject