joint venturer
Definition
A joint venturer is a person or company that teams up with one or more others to complete a specific project or business goal while keeping their separate identities and businesses intact. Each joint venturer shares in the profits, losses, and decision-making for that particular venture, but the partnership only applies to that one project rather than their entire business operations.
Example
If your bakery teams up with a local coffee shop to open a pop-up café for the summer, both businesses are joint venturers in that specific project while still running their own separate shops.
Watch Out
As a joint venturer, you can be held legally responsible for the actions your partner takes on behalf of the shared project, so get everything in writing before you start.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.