Two major telecommunication corporations in the United States, Stintson Pvt. Ltd. and Gavin Incorporation worked together to create a new entity with the name of Stintson-Gavin Incorporation. Both the firms believed that this would enable them to increase their business performance. Stintson-Gavin Incorporation started to operate by offering telecommunication and broadband services. Stintson-Gavin Incorporation is an example of a _____.
A. strategic alliance
B. sole proprietorship
C. wholly owned subsidiary
D. partly owned subsidiary
E. joint venture
Answer: E. joint venture