Business Studies

When two or more firms come together to create a new business entity that is legally separate and distinct from its parents, it is known as _________.


ANSWER

Joint ventures


SOLUTION
Joint venture is nothing but the contractual agreement between two or more parties to work together in which they share the profits and losses. Hence, when two or more firms come together to create a new business entity that is legally separate and distinct from its parents, it is known as joint ventures.
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