NEWSLETTER-2017

32 NEWSLETTER 2017 risk partnership, enterprises are obliged to state financial purposes of the establishment of such partnership 5 . The characteristic quality and distinctive aspect of a joint ven- ture that separates it from a consortium is the partners’ liability to the owner for the whole of the work, instead of fragments of it. Even if the work as a whole does fall under the obligation area of a partner, and the work is apportioned in the internal relationship, partners are jointly and severally liable to the owner. In a joint venture contract, it can be openly decided that each partner will be jointly and severally liable for fulfillment of the responsibilities of the partnership. A contractual joint venture qualifies as a contractual unity, and is not obligated to stipulate a condition-dependent contract. As a general rule, a joint venture does not possess a legal personality as it consists of a contract. While each partner is entitled to represent another for a related joint purpose, it is possible to include special provisions re- garding representation of the joint venture in the contract 6 . Another feature of a joint venture is that generally a special capi- tal contribution is not assigned to the partnership. Reaching the joint purpose is possible by means of participation shares brought by the partners 7 . One of the advantages of a contractual joint venture is that assets brought by the partners as per their shares are not assigned to the common ownership of each other 8 . As this type of joint venture qualifies as a single business partnership, assignment or liquidation of collective or joint ownership is not necessary, and this presents the op- portunity of saving time and money, both in the events of aggregation or separation. One of the most vital features of a contractual joint venture is the partners’ participation in the profit and loss of the joint venture. As a rule, partners’ portions of participation to profit and loss are deter- mined in the joint venture contract. If there is no provision relating to 5 Altay, p. 48. 6 Dr. Kemal Dayındarlı, Joint Venture Contract, 2nd Edition, Ankara, 1999, p. 54. 7 Barlas, p. 291. 8 Altay, p. 49.