Question

What is a joint venture? Multiple Choice an effort in which one firm grants access to its patents and trademarks for a fee an arrangement where one firm contracts with another to produce products to its specifications an arrangement by which one firm provides management to another firm an arrangement in which one firm contracts with another to operate a business under an established name according to specific rules a cooperative effort among two or more organizations that share a common interest in a business enterprise or undertaking

Answer 1

Answer:

A cooperative effort among two or more organizations that share a common interest in a business enterprise or undertaking.

Explanation:

A joint venture is defined as a business agreement where two or more parties pool their resources together to achieve a common goal. Usually profits and losses are shared equally among the parties unless there is an agreement to share otherwise.

The joint venture is an independent entity that is seperate from its owners. That means any liability of the joint venture is not binding on the parties involved.

Answer 2

Answer: a cooperative effort among two or more organizations that share a common interest in a business enterprise or undertaking

Explanation: Defining a cooperation as a joint venture requires that two or more individuals, groups or cooperation who share a common interest come together to undertake a business enterprise with capital generation, profit sharing and loss incurred being shouldered by the partnering group. This business enterprise is usually different from existing businesses owned by the cooperating groups or partners, that is, the association has no affiliation whatsoever with any pre-existing or existing business projects.