Joint arrangement

Were a separate vehicle/entity is set up the arrangement is a joint venture and the venturers will account for their share of net assets using the equity method. If there is no separate vehicle, the arrangement is a joint operation and the operators will account for their portion of rights in relation to assets & obligation in relation to liabilities. Question sir, if a separate vehicle/entity is set up, can there be a joint operation or does it always have to be joint venture?