Most people prefer to have limited liability companies, but there are some exceptions. Partnerships are still reasonably common in the professions (law, medicine, architecture, accountancy, engineering, dentistry, etc.) - although many of them are abandoning partnerships in favour of companies as well. 

Incorporated joint ventures are those where the joint venture parties choose to conduct their joint activities through a company, and/or have the joint venture assets owned by a company. Unincorporated joint ventures are those where the parties don’t form a special company, and simply carry out the joint venture themselves, much like a partnership.

They are well recognised structures for doing business, and in the case of companies and partnerships, each has its own Act of Parliament that spells out the rules. Even less common structures like incorporated societies and unit trusts have their own Act. By contrast, joint ventures do not have their own Act and in fact the law gives very little recognition to them. So what are they, and what are their advantages and disadvantages?