Pros and Cons of a Joint Venture
Joint venture is an organization formed for some temporary purpose.
A joint venture, therefore, is akin to a partnership, the essential elements of which are as follows:
(1) an agreement to contribute money, property, or industry to a common fund; and
(2) an intent to divide the profits among the contracting parties.
(Carlos Valdes vs. La Colina Development Corporation, G.R. No. 208140, July 12, 2021)