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What are you comparing it with? I would always recommend a limited liability entity, such as a limited liability company, limited partnership agreement, S Corporation, over a joint venture because a joint venture does not protect your personal assets from the liabilities of the joint venture.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
A joint venture could indeed be the owner of an LLC, but there would be no real reason to have the extra entity. The owners of the joint venture would be better off simply being members of the LLC and to have the Operating Agreement of the LLC spell out the agreement among the members.