Joint ventures have been around for hundreds of years. They are not the invention of internet marketers.
A joint venture occurs when two or more parties, businesses or individuals come together for the purposes of creating a project or another business. The parties combine resources to create something else. They create the joint venture to protect their current interests. They protect their individual resources by forming and limiting their liability. They create something new that can be a saleable option or should it fail, it will not drag down other businesses that they own,
Some joint ventures are limited by guarantees.
Many countries have no specific laws about joint ventures and look at them under company laws.
When a joint venture involves individuals, then it is a consortium and conditions should be specified by agreement.
Joint Ventures in the internet world are often done casually. The goal is often for one party to share a client list or a product with another to build up both their businesses.
Is a written agreement necessary?
Many would say no but an agreement helps build clarity for the purpose of the joint venture so that both parties understand what the expectation of each party is.
What should you do to create a Joint Venture?
1. Identify who you want to do a joint venture with.
2. Ask them if they would be willing to do a joint venture with you.
3. Tell them what the benefits would be to their buyers to do a joint venture with you.
4. Tell them why you want to do a joint venture with them, what you get out of it.
5. Create a simple agreement that covers the following:
a. The parties to the joint venture
b. What each party is putting up
c. What the expected benefit is to each party
d. The term of the agreement, ending dates of the venture and the dispersement of any expenses and revenue.
Joint ventures usually involve some form of compensation. As such there should be a strategic plan. Both parties should be committed to the plan and focused on achieving the outcome desired. The success of project is dependent on focusing on the future success not the immediate returns.
Just as in any business venture trust is essential. Open communication involves all parties keeping an open mind. This is a partnership not an employment situation. Both parties have to keep their word or trust will be destroyed. Both parties have to be accountable for keeping their word and delivering on their side of the commitment. And both parties have to recognize that first and foremost, this is a business arrangement with friendship, family and any other relationship left out.
Joint ventures are useful but keep things clear and conditions explicit or your project will land up falling apart.
The project must meet the needs of both partners as well as the needs of the clients that the project is designed to serve.

Author's Bio: 

Roberta Budvietas is a Simplifier, Presenter and Mentor for Ltd. She writes several blogs to support baby boomers starting a business as well as several other blogs that assist business people to get out of stuck and excel and to grow their business. Her activity links can be found at Roberta understands the basics and can help any person who wants to excel to grow. Her basic tools include the Buyer Experience Map, Passionate Purposeful Performer Transformations, Behavioral Analysis Tool