Please respond to the following three post:1. We want to identify a joint venture. In a joint venture a third firm is created that is totally separate from the two companies that invested funds into the venture. An advantage to the newly formed company is that it can garner assets, knowledge and funds from both of the other two companies. This benefit all three firms because the new firm benefits from the combination of the best features of the other two firms while not altering either of the original firms. Another advantage to the two firms forming the joint venture is that the new firm is a separate ongoing autonomous business, but the two firms share the profits. How does this differ from a strategic alliance?2. According to Sabo (2012) there are several ways to have a successful joint venture. The five points are (1) Make sure that everyone involved not only understands the basics of the agreement, but also understands the fine details, including goals, financial contributions, human resources and expected length of the deal. (2) Pick a structure. (3) Since each company has its own goals, pressures and shareholders, both sides should agree to a specific process for making strategic decisions and regularly communicate thoughts and ideas in relation to change. (4) Establish a governance policy that works for both sides depending upon the stake each firm has in the venture. (5) Hire an attorney who is well versed in JVs to view all documents and agreements, so that the partnership is not derailed or even sunk a business. Which of these is (are) the most important? Why?Sabo, Rob (2012). 5 tips for joint venture success. Small business computing. Retrieved from: http://www.smallbusinesscomputing.com/tipsforsmallbusiness/5-tips-for-joint-venture-success.html3. Two issues that can use some attention when looking at a joint venture are lack of leadership and a culture clash, unchecked. While all matters are critical, especially in the beginning, these two are particularly poisonous if not avoided. For example, companies may have opposing attitudes and ideas of what constitutes ethical behavior. Kwicinski (2016) maintains that firms looking toward a joint venture should examine and evaluate the other company’s culture, values, and decision-making methods and how it may complement or clash in future situations. One resolution to potential problems, in addition to information gathering, is the composition of policies outlining the new joint firm’s practices (Kwicinski).Building upon this is the focus and communication laid out by leadership. These leaders need a clear organizational structure, as Patricia Farrell (2014) discusses, these are mistakes made in the early planning stages, that can lead to the demise of the joint venture. That “many joint ventures fail because the partners are accustomed to having control” over their respective companies, is one unfortunate outcome (Farrell). It almost sounds juvenile; however, leadership can occur on many levels, and is there if unclear directive, hierarchy, and lack of respect in its regard, the partnership can be diminished pretty quickly. Farrell suggest that the partners identify this potential early, appoint a board with representatives from both firms who will finalize decisions. From here, the original agreement should identify which types of decision will be made by management and which would need board approval (Farrell). Farrell, P. (2014, September 2). The 7 deadly sins of joint ventures. Entrepreneur. https://www.entrepreneur.com/article/236987Kwicinski, J. (2016, March 7). Why joint ventures fail – and how to prevent it. Water Street Partners. Retrieved from https://www.waterstreetpartners.net/blog/why-joint-ventures-fail-and-how-to-prevent-it.