Joint venture Corporation Law and Legal Definition

Joint venture corporation refers to a corporation that has joined with one or more individuals or corporations to accomplish some specified project. A joint venture corporation functions as a separate entity and has no inherent ownership interests in the assets of the companies that formed it. Additionally, joint venture corporation is controlled by principles of corporate law. [In re Benrus Watch Co., 13 B.R. 331 (Bankr. S.D.N.Y. 1981)].