The major differences between joint venture and partnership are as follows −
It is a trade formed by two or more individuals.
The duration of time is fixed.
The parties are called Co-Ventures.
The profit/loss are distributed on interim basis.
There are no specific governing laws.
A specific name is not required.
The accounts may/may not be separately maintained.
It follows liquidation accounting.
It includes profit-seeking ventures.
A minor is not accepted as a Co-Venturer.
It is an agreement made by two or more individuals having respective proportionate shares to start a business.
The duration of time is not fixed.
The parties are called partners.
The profit is distributed annually.
It is regulated by government.
It requires specific name for partnership firm.
A separate set of books has to be maintained.
It follows on going concern basis accounting.
It includes profit seeking enterprise.
A minor can become a partner.