A joint venture is formed between two or more parties to undertake economic activity together by contributing equity and sharing revenues, expenses, and control. Joint ventures allow parties to leverage their strengths while gaining access to new technologies, customers, and markets. They can help companies enter new countries at lower risk. However, joint ventures also face potential issues regarding transparency, conflict resolution, cultural differences, and what happens if partners change their strategies. Careful planning and flexible agreements are important for joint venture success.