Joint ventures are an increasingly common part of commercial arrangements. But the legal landscape has not kept up with commercial arrangements. There is a lack of fit between the applicable law and the exigencies of present day joint ventures and the resulting uncertainty is not good for the participants. This report recommends removing the uncertainty by specifying a clear result if a joint venture does two things: declare it is not a partnership; and use “Joint Venture” or “JV” in its name. At the same time we clarify the relationship and liability between a joint venture and third parties. By clearing up these specific issues, rather than creating a whole new regime, we hope to create certainty while preserving the necessary flexibility for joint ventures.