Exom and Royshe are two oil and natural gas exploration and production companies. They created a new entity, CalEner, for oil exploration in California. The two parent companies remained separate. CalEner is an example of a _____.
A joint venture is basically a business entity set up by two other companies (or even more companies that associate with each other) to serve a specific market or accomplish a specific project or task, but the two parent companies continue to operate separately form each other.
