A partnership usually concerns a single legal person owned by two or more persons, while a joint venture agreement covers a short-term project between several parties. The terms „joint venture agreement“ and „partnership agreement“ are sometimes mixed, but do not refer to the same thing. A joint venture agreement defines the rights and obligations of the parties with respect to a joint venture. It explains who will contribute what, how decisions will be made and how benefits and commitments will be distributed. There are different types of joint venture agreements that you can conclude. They depend mainly on the objective of the Joint Undertaking and the objectives it is to achieve. In any event, a joint venture between two separate parties wishing to achieve the same objective for their own benefit would have to be agreed. Or a company looking to enter a new geographic market could form a joint venture with a company based in the country or region or an established presence in that hat. For example, BMW Group and Brilliance China Automotive Holdings Ltd. founded a joint venture called BMW Brilliance Automotive Ltd. .