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A foreign venture agreement is a legal contract that connects two entities, like individuals or companies, to pursue a shared goal. The video tutorial from e-forms, the largest database of fillable legal forms, explains the definition of a joint venture, differentiates it from a partnership, and highlights common applications such as real estate developments and capital investments. It outlines the benefits of forming a joint venture when individual resources or capacities are insufficient to accomplish desired objectives. Additionally, the tutorial offers guidance on how to create an effective joint venture agreement tailored to specific needs, with a link provided for starting the agreement process.