Generally, a joint venture is another name for a partnership or other business entity formed typically by two companies to pursue a common business plan. Because a joint venture is typically a legal entity, the documentation creating the joint venture is typically lengthy and complex.     A strategic alliance, on the other hand, usually does not create a separate legal entity, and is more of a memorandum of good faith understanding to cooperate on matters that the parties choose to cooperate on. While strategic alliances are not intended generally to create material rights, duties and remedies among the participants, they remain important for marketing and can be an important selling tool. While informal from a legal perspective, they can nevertheless generate mutual benefit without mutual, long-term commitment. A strategic alliance is usually easy to document.      Counsel can help you identify the issues and craft a joint venture or strategic alliance that reflects the business realities, delivers the intended legal consequences and avoids unintended legal entanglements.