Joint ventures exist as a means of sharing risks and obeying regulations. An unincorporated joint venture allows a company to take a share only of a project yet allows that company to treat such share as though it were an integral part of the company. The nature of the risks inherent in many ventures is described and comparisons made with alternative corporate vehicles. Different procedures for managing joint ventures are also reviewed and the types of problem encountered in establishing and operating joint ventures are discussed. The basic characteristics of successful joint ventures, in Australia, are listed and a conclusion reached that, despite its difficulties, the joint venture will continue to proliferate as a corporate vehicle for project development.