Merger:

Merger refers to an legal agreement between two existing businesses who would like to be integrated for a new business. The new business would acquire the market share, products, customers, employees, and other resources from both businesses. This combination would create a synergy for the new business.

Joint Venture:

A joint venture is a legal entity that is established by two or several parties. Those parties would play the same role in the business, which make their equal contribution, share the return and the associated risk as well. Usually, a joint venture would be the option for a new entry to a foreign market, in which a local business and a foreign business might cooperate in this new entity.