A major difference between a joint venture and a partnership is that: a. a joint venture is a one-time association, whereas a partnership is ongoing. b. a partnership is composed of members, and a joint venture is not. c. partners are taxed individually, but joint ventures are not.

A joint venture refers to the business entity formed by two or maybe more partners, distinguished typically by shared ownership, shared profits and hazards and shared management.

Companies usually seek joint ventures for some of four reasons: exposure to a new industry, especially emerging economies; achieve efficiencies in size through sharing resources and procedures; share responsibility for significant investments or initiatives; or gain expertise and capacities.

A partnership refers to the formal agreement to handle and run a business and express its earnings by two or even more sides. There are many kinds of agreements for partnerships. Throughout fact, both partners share obligations and benefits equally in a relationship company, while partners have limited liability in other businesses.

Thus, from the above we can conclude that the correct option is A.