Which of the following best describes a strategic alliance?

A strategic alliance is best described as a cooperative agreement between two or more businesses that allows them to share resources, knowledge, and capabilities to pursue mutual interests while remaining independent entities. In this context, forming a partnership with shared ownership and control reflects the essence of a strategic alliance as it typically includes elements such as collaborative projects, joint marketing efforts, or shared research and development. These partnerships often aim to leverage each organization's strengths while mitigating risks and costs.

The other options do not accurately embody the concept of a strategic alliance. Sole proprietorships are individual-owned enterprises and do not involve partnerships. Work agreements without ownership stakes might describe some forms of collaboration, but they lack the depth and resource-sharing elements that characterize true strategic alliances. Exclusive territorial agreements focus more on geographical limitations rather than the collaborative nature essential to strategic alliances.