Strategic Alliance vs Joint Ventures

The differences between strategic alliances and joint ventures are as follows:

Strategic Alliance	Joint Venture
It’s a partnership where companies work together but keep their independence.	It’s a partnership where companies create a new business together.
Each company stays in control of its own operations.	Companies share control of the new business they create.
Risk is lower because companies stay separate.	Risk is higher because companies share profits and losses.
No new company is formed; companies remain independent.	A new company is formed for a specific project or business goal.
More flexible and easier to end.	Less flexible because it involves creating a new company.
It can be short-term or long-term depending on the goals.	Usually for a specific project or time frame, then it may end.
Partners may not share resources or make joint decisions.	Partners share resources and make joint decisions for the new venture.
It does not require a formal agreement or legal structure.	It requires a formal agreement and legal structure for the new company.

What are the differences between Strategic Alliance and Joint Ventures? Discuess.