The major difference between a joint venture and a joint operation is that in a joint venture,the venturers share in the output of the venture,while the joint operators share in the profits of the entity.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific project or business activity.

Joint Operation

An arrangement where two or more parties undertake an economic activity that is subject to joint control, where the parties have rights to the assets and obligations for the liabilities.