Joint Venture VS Partnership: What are the pros and cons of each? Which is better?

Joint Venture VS Partnership: What are the pros and cons of each? Which is better? I hope somebody answers this question because my friend and I are deciding on what to do.

Someone else can answer better than I
but IF I have understood corect:
/In Partnerships each one can be demanded to pay if the PARTNER mess up
/while JV is between DIFFERENT juridical "persons" (e g a sole P or a company) who have agreed to COOPERATE doing some business. Normaly having contracts which define who do what, are responcible for what and how to split the result, which can be both a profit or a loss A disadvantage with JV is there will be more than one, which need OWN registrations, OWN permits, OWN acounting...

I surely DON'T like Partnerships, because of being responcible if the partner decide something realy stupid OR do a scam/theft... (PERHAPS there can be exceptions e g between SIBBLINGS, who have natural rules who do what. BUT NOT with a FRIEND. Partnership business partners are often friends - BEFORE they start the business - but in rather many cases they end up as enemies...
Better having a business form where only ONE are responsible fully and SAME person is the only one who are allowed to sign contracts with OTHERS. Then the other have problem to make HUGE mess for the responsible They can still be "partners" but at an other level, and can have contracts BETWEEN THEMSELVES. Then the not responcible have less power, but can't lose more than he has invested. (I have used such solitions several times with different business partners. But look up so you don't make an agreement where SAME profit will be taxed TWICE.)

Thank you for responding sir. I had some thoughts about this endeavor that we are going to have with consideration to your opinion. Am I being too trusting towards my friend? Because aside from the fact that he is a very dear friend of mine, I know that he is capable in terms of business, but at the same time I wanna make sure that I won't lose here if the unfortunate things that you have cited above were to happen. That's why I had the question in the first place.

comments

CodyDeegan wrote: Am I being too trusting towards my friend? Because aside from the fact that he is a very dear friend of mine, I know that he is capable in terms of business, but at the same time I wanna make sure that I won't lose here if the unfortunate things that you have cited above were to happen. That's why I had the question in the first place.  

Why trust any friend MORE than necesary?
If you have one business EACH and your businesses COOPERATE, then you both can benefit or mess up what you cooperate about,
BUT you are NOT responcible for each other's debt's.

A disadvantage though is you need more than one acounting.

BUT - you didn't tell which business - but IF it fulfill the demands BOTH of you can be counted as owner to one BMBE company each, which can be much benificiary. If you don't know, check with the municipaly/baranggay office if they find it being BMBE.