In a very broad sense, joint venture formation should consider legal, tax, business and cultural issues. Joint ventures may take the form of different legal structures. Companies wishing to form a joint venture often create a new joint venture corporation (as opposed to a partnership) in order to limit their liability in the new company venture, as opposed to forming a partnership directly between two corporations, or two individuals.
The different legal implications may be significant depending on your situation, so needless to say, consult your legal counsel in this regard. Next, you should consider tax issues and potential liabilities. Depending on your situation, you may find important concerns surrounding how your assets are contributed to the new joint venture, the amount of tax you will pay on income, and depending on your jurisdiction, may also affect your access to tax incentive programs and possibly government support programs.