Entity Types

Consortium

Consortium

A consortium is an association formed to undertake an enterprise beyond the resources of any one member to achieve a common objective. Often associated with nonprofit sectors, consortiums have an objective of participating in a common activity or pooling their resources for achieving a common goal. An entity under the consortium remains independent with regard to their normal business operations. For-profit consortiums also exist but they are less prevalent, as governments and private entities often collaborate to formulate standards for manufacturing, food production, product compatibility, consumer safety, and more.