A joint venture is when two or more parties come together to set their foot in a common field by sharing the profits and losses of any business. They combine their resources for the achievement of a common goal. Both the parties share the responsibilities associated with that business. The joint venture is cost-saving because when the production increases, the cost per unit decreases. The companies can use each other resources as both the companies will have unique resources. It will not only help both the companies to build profit out of the venture but will also help the consumer to get a better and cost-effective product. It is helpful to enter a new market as one of the businesses might be local and knowledgable about the market, that is, the taste, culture, buying power, etc., of the market’s consumer. Joint ventures are temporary. As soon as the goal is achieved, the joint venture ceases to exist. The expenses are to be shared by both the companies, jointly together. Flexibility is restricted in the joint venture wherein they cannot focus on their other business. When the two companies are working together, there can be clashes between the management in both companies. To form a joint venture, one needs a lot of research work and planning. One cannot breach the contract signed under a joint venture. The involvement of many people may lead to communication errors.
Antitrust laws promote healthy competition. Healthy competition leads to better quality products, competitive prices, and more variety of products. Antitrust laws condemn the practice of monopoly. A monopoly is a situation where one company has most of the control over the market. In this, the company controls the market as well as the prices. Antitrust laws are created so that the consumers can freely choose the products. Antitrust laws were introduced to avoid price fixation. It provides an open market, where the sellers are free to sell their products, and the buyers are also free to buy the products they desire. There is a friendly competition among the sellers, which leads to better quality products, competitive prices, and more choices. The Federal Trade Commission was appointed to enforce the antitrust laws in the U.S. It came into force in 1914. The antitrust law is built on the Sherman Act, Clayton Act, and the Federal Trade Commission Act. The Sherman Act came into force in 1890. The FTC Act, in 1914, came to FTC. Federal Law Commission passed an Act called the Clayton Act in 1914, which rectified the flaws of the Sherman Act.
Joint Venture and Antitrust Laws
Sometimes, the big firms may come together to control the market; to avoid such control, antitrust laws were enacted. The companies should not come together for price fixation or control the market, making it impossible for other sellers to enter that market. Sherman, Clayton, and the Federal trade commission act were the essential acts under the antitrust law. Clayton act prohibits fusion and take-over of the companies to restrict the competition and had greater scope than the Sherman Act.
Under the Sherman Act, there are two possibilities where a joint venture may be held liable:
When the joint venture does not allow the competitors to compete by fixing the market price.
Not allowing the competitors to access the resources.
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