What is the test for establishing a joint venture?

At oral argument, counsel for respondent relied on the opinion in Connor v. Great Western Sav. & Loan Assn. (1968) 69 Cal.2d 850, in support of the contention there was no joint venture between the parties (as alleged in the complaint) because there was no agreement to share in the profits and losses of the enterprise. Here is what Justice Traynor said on that issue in Connor: "A joint venture exists when there is 'an agreement between the parties under which they have a community of interest . . . in a common business undertaking, an understanding as to the sharing of profits and losses, and a right of joint control.' [Citations.] . . . . Although the profits of [the parties to the appeal] were dependent on the overall success of the development, neither was to share in the profits or the losses that the other might realize or suffer . . . . Under these circumstances, no joint venture existed. [Citations.]" (Id. at p. 863.)