Important Points :-

1. Companies typically form joint venture partnerships to minimize risks involved in capital intensive operations that demand a long payback period. One of the ways to minimize risks is to form a partnership. SAP JVA solution is little different for North America compared to International solution we will discuss about these things.
2. A joint venture partnership consists of an operating partner (operator) and one or more non-operating partners.
3. The operator manages the venture, arranges venture activities, and maintains accounting records. The operator remits venture expenses, collects revenues, and distributes these to the partners, according to their ownership shares

Few Important Terminologies, you can find all these terminologies in the below link which is the official SAP help document

https://help.sap.com/saphelp_erp60_sp/helpdata/en/e2/62d0531d8b4208e10000000a174cb4/frameset.htm

Joint Operating Agreement : A JOA is a contract specifying the conditions of a joint venture operation

Joint Venture : A joint venture is an arrangement, based on the provisions of a joint operating agreement (JOA), in which two or more parties agree to work together for a common purpose.