Definition:

A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants are responsible for profits, losses and any/all costs associated with it.

Example:

Mr. Johnson and Mr. Smith decided to pool their funds in a joint venture to acquire a property for a fix and flip.