What is a partnership called in which several companies have joined forces to create a separate legal entity to facilitate doing business in a country where none of the participants is currently active?

What is a partnership called in which several companies have joined forces to create a separate legal entity to facilitate doing business in a country where none of the participants is currently active?

Joint venture.

Explanation:

A partnership is a mutual agreement by two or more parties. The aim of a partnership is in the management and operation of a business and ultimately in the sharing of resources. There are different types of partnerships depending on how the parties involved decide to share their liabilities and profits. Generally partnerships can be formed by; individuals, businesses, non-profit organizations and even governments. There are many forms of partnerships that can be developed depending on what the parties agree to achieve as individuals or even as a group. On such type of partnership that will be considered is the Joint venture.

A joint venture is an agreement by two or more parties to pool their resources together to accomplish a common job. The completion of the task is usually of importance to each party. The parties usually contribute a specific resource to the projects. The resources can range from; labor, materials or even machinery. The value of resources from each party is usually determined to establish the cost and profits for each party. The responsibility in terms of costs and profits lie on each party, however the venture itself can be viewed as a separate legal entity.

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