Answer:
A joint venture has been formed.
Step-by-step explanation:
A joint venture (JV) relationship is a business arrangement in which two or more parties agree to combine their resources and efforts for the purpose of accomplishing a specific task or a single business transaction. This task or transaction can be a new business project or any other business activity. As they are jointly engaged in the business transaction, they also agree to share the profits (rewards) and losses (risks) arising from the transaction jointly.