A **[[Joint Venture]]** is a business arrangement where two or more parties collaborate on a specific project, task, or other business activity. ^about These parties may be individuals, companies, or organisations, and a joint venture is often used for purposes such as (a) market expansion and diversification, (b) skill and cost efficiency, and (c) research, development, and product creation. A joint venture may be either *incorporated*, where the joint venture is created as a separate legal entity; or *unincorporated*, where the no new entity is created and the arrangement is governed by contractual agreement. For more information about refer to [business.gov.au](https://business.gov.au/planning/business-structures-and-types/business-structures/joint-venture).