A joint venture is best described as:

A joint venture is accurately described as a collaboration between two or more parties for a specific goal. This business structure allows companies to pool resources, expertise, and capital to achieve a shared objective while maintaining their individual identities. In a joint venture, the involved parties typically agree to work together on a particular project or business activity, contributing assets, skills, and sharing risks and profits.

This type of arrangement is common in international business, where companies may partner with local firms to navigate regulatory challenges, tap into established distribution channels, or leverage local market knowledge. The emphasis on collaboration and shared objectives distinguishes joint ventures from other forms of business arrangements, such as mergers, acquisitions, or sole proprietorships, which have different implications for ownership and operational control.