Are there any limitations on the duration of operating a joint venture?

Normally an operation of a joint venture is limited to a fixed period of time from thirty to fifty years. In some cases, however, an unlimited period of operation can be approved, especially when the transfer of advanced technology is involved. Profit and risk-sharing in a joint venture are proportionate to the equity of each partner in the joint venture, except in cases where there is a breach of the joint venture contract.