Yes, they only wear the VENTURE strip, use the red shoulder loops and are called a Venture Patrol led by a patrol leader.
If you have enough boys and or want to incorporate girls (if the chartered organization allows), you may want to consider chartering a Venturing Crew, where they can keep working towards eagle (if they are already 1st class) and also work towards the Silver award and Ranger award. They can elect to wear the green venturing uniform or anything else if they choose. Just not a regular scout uniform with the green tabs, because that is incorrect uniforming.