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In this video, the speaker discusses the distinctions between joint ventures and collaborations. Joint ventures involve two companies teaming up to complete a large project that one cannot undertake alone, typically in construction. They establish a joint venture company (JV Co), often with ownership split 50/50 or 51/49. On the other hand, operations or contractual joint ventures do not create a separate entity; instead, they involve agreements between the parties outlining collaboration terms for a business relationship. Collaborations are common among entities seeking to work together without forming a new company.