Joint ventures are when two or more people / business owners decide to enter into a particular project together for a limited time to combine resources in terms of talent, funds, and tools. Doing this well requires some understanding and knowledge of how JVs work and what the best practices are.
Remember that JV partnerships are most appropriate for short- to long-term projects that are not permanent, and between complementary entities rather than competing entities. You want share resources and not compete for them. This ensures that you both experience success in the joint venture that will add to both of your bottom lines.