Limited partnership is less flexible than a joint venture.
A limited partnership must be formed with at least one limited partner and one general partner, unlike joint ventures whose terms vary according to the specific needs of its members.
Limited partnerships are usually formed to offer limited liability to some of its partners and in the process attract investment while joint ventures, on the other hand, are forced to develop a new product or to invest in a domestic partner.
Joint ventures are formed for a specific period until it is dissolved legally.