A joint venture agreement is a business partnership between two or more parties that creates a single new entity. The combination of these organizations can provide greater resources, market reach, and expertise than any one company could alone. It also comes with an added level of responsibility to ensure success for the venture. Each partner needs to bring something unique to the table—be it capital, knowledge, services, or products—in order to make the venture a success. Having an understanding of how key decisions will be made, and how funds will be shared, is essential in any joint venture agreement. Through clear communication, trust, and each partner’s commitment to the success of the venture, joint ventures can be incredibly beneficial to all involved.