In the context of tax collection, jeopardy refers to a situation where the IRS believes that the collection of tax is at risk of being uncollected, prompting immediate assessment and collection of such tax without the intermediate procedural steps.
Joint Venture
[joint VEN-chur]
What is the definition of Joint Venture?
A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. Each of the participants is responsible for profits, losses, and costs associated with the venture.
Using Joint Venture in an Example
Two companies, one specializing in technology and the other in marketing, decide to form a joint venture to develop and market a new app. They agree to combine their expertise and resources, sharing both the initial costs of development and the profits from the app's sales.
Using Joint Venture in a sentence
The startup entered into a joint venture with an established manufacturer to gain access to superior production facilities and distribution networks.
Related Terms
Job Order
A customer request for a specific quantity of products that are designed and manufactured to unique specifications.
Joint Return
A tax return filed by married taxpayers or surviving spouses, combining their incomes, exemptions, deductions, and credits on a single form.
Journal
A book or digital record in which all daily financial transactions are initially recorded in chronological order.
Journal Entry
A record in the general journal that documents a single financial transaction, detailing the accounts affected and the amounts involved.
Junk Bonds
Debt securities issued by companies with higher than normal credit risk, classified as 'non-investment grade' bonds. These securities typically offer a higher rate of interest to compensate for the increased risk.
Just-In-Time
An inventory management philosophy in which resources, including materials, personnel, and facilities, are utilized only as needed, with the goal of minimizing waste and increasing efficiency.
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