Joint ventures and foreign strategic alliances are approaches used with large$-$scale, capital intensive projects in global markets. Which of the following situations best reflects a joint venture?

A project in which a local government provides in$-$country expertise

A project involving two or more independent businesses entering a new market or related business

A new business is established with equal ownership where one part has in$-$country expertise

A large$-$scale project that does not create a new entity