Legal Nature and Structure

• A joint venture is typically project-specific and temporary.
  
• A partnership is a continuing relationship between partners.
  
• Joint ventures may form a new legal entity or operate contractually.
  
• Partnerships are governed under the Indian Partnership Act, 1932.
  
• Joint ventures often have more complex legal documentation.
  

Purpose and Duration

• Joint ventures are formed to achieve a specific business objective.
  
• Partnerships operate for ongoing business activities.
  
• Joint ventures dissolve after the objective is completed.
  
• Partnerships may continue indefinitely unless dissolved.
  
• Joint ventures have defined timelines and milestones.
  

Ownership and Management

• Joint ventures allow unequal ownership and control.
  
• Partnerships usually involve equal rights and responsibilities.
  
• Joint venture partners may retain autonomy outside the venture.
  
• Partnership decisions are made jointly by all partners.
  
• Management structure in a joint venture is often pre-defined.
  

Profit Sharing and Liability

• Profit sharing in a joint venture is based on the agreement.
  
• Partnerships often share profits equally unless agreed otherwise.
  
• Joint ventures may have limited liability depending on the structure.
  
• Partnerships generally have unlimited liability among partners.
  
• Financial obligations are shared as per agreed terms.
  

Regulatory and Taxation Aspects

• Joint ventures may require compliance with FDI and SEBI norms.
  
• Partnerships are regulated under the Indian tax and partnership laws.
  
• Joint ventures need separate tax filings if incorporated.
  
• Partnerships file taxes under individual or firm provisions.
  
• Joint ventures face stricter audit and disclosure requirements.