Question on: JAMB Commerce - 2012

A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This often involves combining strengths and compensating for weaknesses. The other options are not the most accurate descriptions of this situation: * **Partnership:** While a partnership also involves collaboration, it's a broader form of business organization with shared responsibilities and liabilities among partners. * **Nominal partnership:** This is a situation where someone is held out as a partner but may not actually be one, and is not relevant to the question's scenario. * **Cooperative:** This is a business owned and controlled by its members, usually with the aim of benefiting them.