What is the best way to structure a joint venture

[Kevin Massey]

I'm starting a joint venture with a partner and we've completed and signed a Joint Venture agreement. We each have our own individual business entities already setup going into this. One has an LLC and the other an S-Corp. I would like to know if anyone has any recommendations on whether or not setting up a third business entity for the joint venture itself like an LLC and if it is worth the effort and expense.