Joint ventures may be either incorporated (registered
with the Securities and Exchange Commission [SEC] as
a corporation) or unincorporated. Both forms are subject
to the same tax as ordinary corporations.
Unincorporated joint ventures formed to undertake
construction projects, or those engaged in petroleum,
coal, geothermal, and other energy operations under a
government service contract, are not taxable entities.
Profits distributed to the joint venture or consortium
members are taxable.