Question

write a word or phrase or a term which can substitute each one of the following statements.
1. A Temporary partnership in business.
2. A company which is incorporated in one country and has business units in several countries.
3. A company formed by passing a special act in the parliament or legislature.
4. Partners in a Joint venture.

Answer 1

1. A temporary partnership is business - Joint venture

Explanation:
A joint venture is a temporary partnership which means it is a business agreement, for a fixed period of time, in which two or more organisations come together for mutual benefits and gains. Business organisations in a joint venture share the physical, financial and human resources available as well as the risks and profits of the business.

2. A company which is incorporated in one country and has business units in several countries - Multinational Company

Explanation:
A Multinational Corporation (MNC) is a business enterprise that has its operations in many countries and headquarters in one of the countries. In case of an MNC, the headquarters exercise (centralised) control over all its branches and subsidiaries across all the countries where the MNC has a presence.

3. A company formed by passing a special act in the parliament or legislature- Statutory corporation

Explanation:
A statutory corporation is formed by passing a special Act of Parliament. It is an initiative of private enterprises having the powers of the government. The powers and functions of such
corporations are defined by the government. Examples of statutory corporation are State Bank of India, Food Corporation of India, etc.

4. Partners in a Joint venture - Co-ventures

Explanation:
A joint venture is a temporary partnership which implies a business agreement, for a fixed period of time, in which two or more organisations come together for mutual benefits and gains. The partners or the members of a joint venture are called co-ventures who can be of the same country or from different countries.