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Russian law currently does not provide a specific definition of 'joint ventures'. In broad terms, a joint venture is a structure involving two or more independent entities that decide to work together on a specific project. Both contractual (i.e. based solely on a co-operation contract) and incorporated joint ventures are customary in Russia. However, contractual joint ventures (especially in relations between Russian and foreign partners) are relatively rare, partly due to the unfavorable taxation regime of partnerships. Russian law generally does not provide any limitations on the types of economic activity that can be pursued in a joint venture.
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