Compare each descriptor to determine which one accurately characterizes a joint venture.

a contractual arrangement where a foreign firm agrees to manufacture products for a domestic firm

an arrangement in which a domestic firm actively manages a foreign company or overseas facilities

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

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

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