Partnerships And Joint Ventures: What Is The Difference?

General Partnerships, Limited Partnerships, Contractual Joint Ventures, Non-Contractual Joint Ventures. There are numerous ways to structure your next business venture and various factors to consider when determining which structure is ideal for you and the goals you hope to achieve.

What is a Partnership?

A partnership is formed when partners—that is, two or more individuals or entities— carry on business in common, with a view to profit. Canadian courts have defined "business" to include every trade, occupation or profession.

Traditionally, at law, a partnership was not generally considered to be a separate legal entity; however, provincial statutes have been enacted to define when a partnership may, or should, be considered a legal entity. Currently, in most Canadian jurisdictions, a partnership is a separate legal entity that may sue and be sued in its own name, similar to a corporation.