What occurs in a joint venture?

Multiple Choice

It involves establishing a firm that is co$-$owned by two or more otherwise independent firms.

There is a specialized form of licensing in which the one entity not only sells intangible property $($normally a trademark$)$ to another entity, but also insists that the other entity abide by strict rules as to how it does business.

There is an arrangement whereby a licensor grants the rights to intangible property to another entity $($the licensee$)$ for a specified period, and in return, the licensor receives a royalty fee from the licensee.

The contractor agrees to handle every detail of the project for a foreign client, including the training of operating personnel.