Harry Jordan's company has just entered into an agreement with a German firm to create a separate legal entity. This new firm will be allowed to conduct business and actively compete in various European Union markets. A good description of the new company is a joint venture.

Question

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In this case, the creation of a separate legal entity by Harry Jordan's company and the German firm is an example of a joint venture. A joint venture is a partnership of two or more participating companies that have joined forces to create a separate legal entity.

Harry Jordan's Company Has Just Entered into an Agreement with a German