Abstract: The subject of this research is the legal framework for functioning of collaborations. The object of this research is collaboration as the integration of economic actors for the purpose of achieving peak efficiency. The authors examine the distinctive characteristics of collaboration and standard organization, since collaborations are the representative of highly intelligent capital, which is efficient if managed properly, or may lead to destructive consequences otherwise. Special attention is given to such question as the impact of legal factors and their role in activity of collaborations. In the course of this research, the authors applied the methods of analysis, synthesis, comparative analogy, logical research, and institutional analysis. The following conclusions were made: - there are fundamental differences between a collaboration and a classical organization, which makes collaboration more flexible and efficient under the current circumstances; - from the legal perspective, collaborations can function in form of unincorporated joint venture. The novelty consists in the original approach towards determination of distinctive characteristics of a collaboration and a standard organization.