The practice whereby a business is owned by two or more independent firms is termed

Joint venture is the practice whereby a business is owned by two or more independent firms. In a joint venture, two or more companies agree to combine their resources, knowledge, and expertise to undertake a particular business venture or project. Each company shares the risks and rewards of the venture and has a stake in its success. Joint ventures are common in international business, where companies from different countries come together to explore new markets, develop new products, or gain access to new technology.