Worldwide Minerals Inc. wants to expand into the international market. It does not want to spend a very large amount of money for this process. However, Worldwide Minerals wants to maintain some control in the foreign market. Joint venture would be the best entry mode for this firm.
A joint venture (JV) is a company formed by two or more people that is often distinguished by shared ownership, rewards and risks, and governance. In general, businesses enter into joint ventures for one of four reasons: to obtain access to a new market, especially an emerging one; to increase scale efficiency by integrating assets and operations; to share risk for significant expenditures or projects; or to gain access to talents and capabilities.
Although the majority of joint ventures are incorporated, others, including those in the oil and gas sector, are "unincorporated" joint ventures that resemble corporations. A temporary cooperation between two or more people for the purpose of carrying out a specific project is known as a joint venture when it involves individuals.
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