What is the distinction between a collaborative venture and a cooperation?

Collaborative ventures and cooperations share specific characteristics. A collaborative venture is a type of cooperation where two or more entities come together for a specific temporary objective. In both cooperations and collaborative ventures, each participant has equal authority to legally commit the entire entity. A participant can act as the representative of the entire organization in regular business activities, and their legal actions on behalf of the cooperation or collaborative venture create legal responsibilities.
Although the authority of individual participants in a cooperation or collaborative venture can be restricted by an agreement, such agreements do not impose obligations on third parties. Since external business contacts may not be aware of these limitations, they may be entitled to rely on the perceived authority of an individual participant as determined by customary business practices or industry customs.