Final answer:
A partnership formed between a U.S. company and a foreign firm for entering new markets or for a specific project is known as a joint venture. It differs from general partnerships, limited partnerships, and limited liability partnerships.
Step-by-step explanation:
A partnership established for a specific project or for a limited time, such as a U.S. company joining with a foreign firm to enter new markets, is called a joint venture. This type of business arrangement allows two or more parties to combine resources for a particular goal while maintaining their separate entities. Each party in the joint venture is responsible for profits, losses, and costs associated with it. However, the venture is separate from the participants' other business interests.
Unlike a general partnership, where all partners share the responsibility for all aspects of the business, or a limited partnership, where some partners are only financially liable up to their investment, a joint venture is typically a collaborative effort for a specific and temporary purpose. Similarly, it's distinct from a limited liability partnership (LLP), where the liability of the partners is limited to their investment and personal assets are typically protected.