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The Use of ICT in business has changed views about traditional business. With VO, organizations with out physical, geographical, or structural constraint can collaborate with together in order to fulfill customer requests in a networked environment. This idea improves resource utilization, reduces development process and costs, and saves time. Virtual Organization (VO) is always a form of partnership and managing partners and handling partnerships are crucial. Virtual organizations are defined as a temporary collection of enterprises that cooperate and share resources, knowledge, and competencies to better respond to business opportunities. This paper presents an overview of virtual organizations and main issues in collaboration such as security and management. It also presents a number of different model approaches according to their purpose and applications.

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