A specific type of strategic alliance in which the partners form a separate, independent organization for some business purpose is called a joint venture.
For example, Hewlett-Packard has had numerous joint ventures with various suppliers around the globe to develop different components for its computer equipment.
Joint venture is the cooperative service production and delivery between banks or between banks and nonbank firms in order to provide a wider array of customer services at a profit.
Joint venture is the partnership between companies formed for a specific undertaking.
Joint venture is a partnership established by two or more persons to carry out a specific “adventure” or undertaking. It usually is dissolved after the objective has been achieved. For the duration of the agreement, each partner has unlimited liability.
Joint ventures are fairly common in real estate: several persons pool their financial resources, purchase a large parcel of land — perhaps develope it — divide it, and resell it.
Joint ventures also are used by firms that want to do business in a foreign country. One firm enters into a joint venture with another firm that is already established in the other country.
Joint venture is a special type of partnership characterized by formal cooperation between two or more businesses to share business decision making, investments risks, and profits in a business venture for a specific time period; may be a partnership between a domestic firm and a firm in a foreign country.