The development of new drugs is very expensive. For this reason Genentech, a large biotechnical company, has entered into a _____ with Swiss-owned Roche to develop a vaccine for tuberculosis. When the vaccine is developed or when the two biotechnical companies determine the vaccine cannot be developed using their current methodology, this relationship will dissolve. a. general partnership b. limited-time partnership c. joint venture d. cooperative C corporation

Joint venture is a type of general partnership which remains valid until the completion of the project or a certain time period elapses. In this partnership both parties share management and control the business as well as profit and loss. Both or all the companies have a responsibility to act in the best of the interests of both the companies and of the venture.

General partnership is a type of partnership in which both or all the parties participate by employing their resources, all the parties share management and control of the business, moreover both the partnering companies share profit and loss. It might not necessarily be one project or time specific.

A limited-time partnership remains valid for a fixed period of time and the limited-time companies cannot participate in management of the other company (with which it has made a partnership.