Final answer:
A consortium does not create a separate legal entity, differing from a joint venture which typically does. Other business forms include general partnerships, sole proprietorships, and corporations without publicly issued stock, each with unique characteristics.
Step-by-step explanation:
A consortium is different from a joint venture in at least one significant aspect which distinguishes these types of business arrangements: a consortium does not involve the creation of a separate legal entity. A consortium is generally a collaboration between different entities that come together for a specific project or purpose, but they maintain their original separate legal identities. In contrast, a joint venture often involves creating a separate entity. This separate entity created might involve shared rights and responsibilities among the participating entities, and its creation can be for long-term projects as well as a way to enter new markets or combine resources for a specific goal.
Apart from the distinction mentioned above, there are other factors and forms that business entities can take, such as general partnerships, which entail joint ownership and management of a business, sharing profits and liabilities among partners. There are also private companies, which may take the form of a sole proprietorship, partnership, or a corporation without publicly issued stock, providing flexibility and control over business operations.