Compare each of the following to determine which one accurately describes a joint venture.
A. a contractual arrangement where a foreign firm agrees to manufacture products for a domestic firm
B. an arrangement in which a domestic firm actively manages a foreign company or overseas facilities
C. an arrangement where a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign company's market
D. a contractual arrangement in which a fee is paid to have the right to open a business using the parent company's business name and to receive marketing and operational support
E. a legal process in which one firm pays to use or distribute another firm's resources, including products, trademarks, patents, intellectual property, or other proprietary knowledge
Answer: C
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