All of these terms relate to business, but in order to find the difference between joint venture, consortium, a partnership firm, and proprietorship you need to understand what each of them mean.
A joint venture is the term used to describe two or more separate businesses that merge together to operate a certain part of a business. With this agreement it is important that the joint venture has equal control from both or all parties. In addition to that, every business must contribute the same amount of effort. Furthermore, it is a requirement that the joint venture is deemed as a separate entity despite being run by different businesses.
This form of business refers to the accumulation of a number of independent businesses that join together to reach a particular aim or goal. The goal can be anything; however it is likely to be something that is already related to the field of industry that the businesses work within.
- What is a partnership firm?
A partnership firm is related to a form of business that includes a number of individuals that aim to run a particular venture on a profit basis. It is known to be the easiest approach to go for in terms of creating a business.
- What is a proprietorship?
A proprietorship is the most different out of all the business terms you mentioned because, it is the only term that refers to a single person starting a business. In this case, a person will have to become self-employed in order to begin their own proprietorship.
As you can see each one of these terms refer to business strategies, however, they all differ in terms of the people involved and how they are run.
