Discuss "Strategic Alliance" and "Joint Venture" as corporate restructuring strategies.

Corporate restructuring is the process of significantly changing a company's business model, management team or financial structure to address challenges and increase shareholder value. Corporate restructuring is an inorganic growth strategy. Strategic Alliance is an agreement between two or more parties to collaborate with each other in order to achieve certain objectives while continuing to remain independent organisations. It is an arrangement to share resources to undertake a specific and mutual benefit project. Often, strategic alliances allow involved organizations to pursue opportunities at a faster rate than if they function alone. It provides access to additional knowledge and resources that are held by the other party, which may ease the learning curve for the new pursuit, along with providing set-up time and costs. Joint Venture is an entity formed by two or more companies to undertake financial activities together. The parties agree to contribute equity to form a new entity and shares the revenues, expenses and capital of the company. It may be project based joint venture or functional based joint venture. The joint venture entered into by the companies in order to achieve a specific task is known as project based joint venture. The joint venture entered into by companies in order to achieve mutual benefit is known as functional based joint venture. Because the joint venture can access assets, knowledge and funds from both of its partners it can combine the best features of those companies without altering the parent companies.