Question

A ________ is a special type of strategic alliance in which two or more firms join together to create a new business entity that is legally separate and distinct from its parents.

Answer 1

Joint Venture

Step-by-step explanation:

Joint venture prominently known as JV whereby two different business organizations join hands to form a completely new venture, different from their individual business units.

The new venture is a separate legal entity and has nothing to do with the owner's other businesses. They bring in capital and other resources. They are liable for losses and distribute profits as per the agreement.