In a ________, cooperating firms create a legally independent firm in which they invest and from which they share any profits that are created.

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In a joint venture, cooperating firms create a legally independent firm in which they invest and from which they share any profits that are created. A licensing agreement involves one party granting another party the right to use its intellectual property, a supply agreement involves the sale of goods from one party to another, and a distribution agreement involves one party selling goods to another party for resale.

In a ________, Cooperating Firms Create a Legally Independent Firm