A joint venture is a business arrangement in which a two or more business groups agree to develop a new corporate identity and assets by contributing equity to the venture. Both parties hold control over the enterprise, sharing all profits, losses, expenses and assets. Often times a separate corporation, limited liability or other partnership is created. Otherwise the separate companies maintain their separate identities and function under a joint venture agreement. Regardless of method, all parties in the joint venture share all management details, profits, and losses according to the terms of their joint venture contract.