Two brokers from different brokerage agree to work with one another to market a prestigious marina in Naples, Florida. One broker is particularly knowledgeable regarding marinas and the other is an expert on the Naples real estate market, so they decide to combine their expertise on this particular listing. This business arrangement is called
answer choices
an ostensible partnership

a general partnership

a joint venture

a limited partnership.

a joint venture

Explanation:Joint Venture can be described as a business arrangement, wherein two or more independent firms come together to form a legally independent undertaking, for a stipulated period, to fulfil a specific purpose such as accomplishing a task, activity or project. In other words, it is a temporary partnership, established for a definite purpose, which may or may not uses a specific firm name.

Objectives of Joint Venture:

To enter foreign market and even new or emerging market.

To reduce the risk factor for heavy investment.

To make optimum utilisation of resources.

To gain economies of scale.

To achieve synergy.

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