What is the primary characteristic of a joint venture?

The primary characteristic of a joint venture is its temporariness. Joint ventures are typically formed for a specific project or purpose and are not intended to be permanent arrangements. They bring together parties, usually individuals or businesses, to collaborate and share resources for a limited time. This collaborative effort usually ends once the project is complete, distinguishing joint ventures from other business formations, such as partnerships or corporations, which are generally intended to last indefinitely.

While profit-sharing is an aspect of joint ventures, emphasizing the nature of profit distribution among the parties, it does not capture the essence of what defines a joint venture. Limited liability might relate to the structure of the individuals involved or how they operate within the venture, but that characteristic can also be found in various other business forms. Permanence, on the other hand, is contrary to the very definition of a joint venture since these entities are designed for temporary engagements. Thus, the fundamental characteristic underlining joint ventures is their temporary nature, making this the correct choice.