A tax planner for a start-up biotechnology company is advising her client about how to efficiently organize R&D activities. One suggestion the tax planner made is to form a joint venture with another...

A tax planner for a start-up biotechnology company is advising her client about how to efficiently organize R&D activities. One suggestion the tax planner made is to form a joint venture with another biotech company. List and explain the tax benefits and nontax costs and benefits of such a plan. Does it matter if the other company is a start-up company or an established, profitable company?