I'm currently navigating a joint venture agreement and could use some expert corporate law advice. Specifically, I'm seeking clarification on liability within joint ventures.

My situation involves two companies coming together to pursue a common project. While the venture holds great promise, I'm keen to understand the legal implications regarding liability. How is liability typically distributed between the parties involved in a joint venture? What are some common pitfalls to avoid in structuring liability clauses within the agreement?

Any insights, experiences, or pointers to relevant resources would be immensely helpful. Thank you in advance for your guidance!