Final answer:
A joint venture establishes a new business that is owned and operated by two or more individuals or companies. It allows the partners to share responsibility and risk, as well as pool resources and expertise.
Step-by-step explanation:
A joint venture establishes a new business that is owned and operated by two or more individuals or companies. It is a collaboration between the parties involved to pursue a specific project or business opportunity. Joint ventures allow the partners to share responsibility and risk, as well as pool resources and expertise. For example, two technology companies may form a joint venture to develop and market a new product together.