Joint Venture
A joint venture can be a temporary relationship between two corporations. Wilson and Gilligan (2017, p. 7) say that joint ventures can be used to form a new company or create projects mutually beneficial for the companies involved. Joint ventures can be based upon a contract between the participants, that outlines each party’s goals and resources as well as their responsibilities (Cox 2017, 2017). The goal of any joint venture is usually to introduce a new product, service or venture into a market. It is possible that the joint venture will be restricted in scope, timeframe, and product. A joint venture can also be used to research and develop new technologies or pool resources in order to reach new markets. The terms of a joint venture agreement typically include provisions that allow for dissolution of the joint enterprise and the division of profit. Joint ventures often allow companies to have access to markets, new resources, and technologies they cannot easily access themselves. (Wilson, Gilligan, 2017,). Joint ventures are a great way for companies to work together and produce something in a very short time. Cont…
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