... its self-interest but had determined that cooperation was the best way to achieve its goals. The most common type of strategic alliance is a joint venture but there are other types of alliances that have been formed depending on the company's objective to form the partnership. A joint venture is when two or more companies join together to create an independent company that is legally separate and distinct from its parents. An example of a joint venture is the Nuumi Corporation, created between Toyota and General Motors, which gave GM access to Toyota's manufacturing expertise and provided Toyota with a manufacturing base in the U.S. A joint venture as a separate legal entity must have its own set of managers and bored of directors. It can be managed in any one of three ways. The founding members may jointly share management, with each appointing key personnel who report back to officers of ...

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