What are the features of joint ventures?

1) The best feature is that joint venture is carried out by two or more persons
2) It is temporary in nature and does not have a firm name. Hence, the agreement is automatically terminated as soon as the venture is complete.
3) Profit or loss, both are shared by the co-venturers in the agreed ratio.
4) It is formed mainly to earn profit and to share it among all ventures in the business.