A JV is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. The JV formalises and records this business relationship. With an Incorporated JV Agreement, the parties agree to incorporate a new company to act as the vehicle to facilitate the functioning of the business relationship going forward.
With an Independent Contractor Agreement, a Client appoints a Contractor to render certain services. No employment relationship is created and the Independent Contractor relationship is not subject to the usual employment laws like the Basic Conditions of Employment Act.