Explain the concept of joint venture as a business arrangement in brief.

 A joint venture is an arrangement in which two or more business entities combine their resources to pursue a single project or transaction. The parties to a joint venture are called joint venturers. Joint ventures resemble partnerships, except that partnerships are usually formed to pursue ongoing business operations rather than to focus on a single project or transaction. Unless otherwise agreed, joint venturers have equal rights to manage a joint venture. Joint venturers owe each other the fiduciary duties of loyalty and care. If a joint venturer violates these duties, it is liable for the damages the breach causes.
 

Tremendous help, I just double-checked it with my friend