What is the difference between Joint venture and Partnership?

Most of the time, when people are talking about joint venture and partnership, they tend to use them in such a way that you think they are two similar things. This is not true because Joint venture is quite different from partnership in some ways. Joint venture is also a form of partnership whereby different companies come together to become one. Joint venture does not always come with the idea of making only profit, although it's part of it, but there are other reasons why companies go for joint venture.

Part of the reasons is, so that they can increase their network and reach. Partnership, on the other hand, is a form of business strategy whereby different individuals come together to become one. They usually come with the idea of making profit, and when there is loss, they share it equally or based on the terms reached while forming the agreement. Different individuals in partnership are considered as co-owners.