A joint venture is an undertaking by two or more companies that jointly carry out a business activity. Joint ventures enable companies to achieve their business objectives and remain competitive in dynamic business environments. The companies involved in a joint venture typically agree to share capital, human resources, and technology in order to form a new enterprise. Joint ventures are created with a specific project in mind and members must agree to share both the risks and the rewards. Joint ventures allow you to tap into the knowledge, brand name, network, and capabilities of another company.
Members of a joint venture must have joint control over the venture and share profits from the undertaking. Members also must have ownership interest in the enterprise. A joint venture is similar to a business partnership, except it lasts for a defined period of time, typically five to seven years. Once the business project ends, the joint venture ends. Joint ventures are used in a variety of fields, including communications, technology, manufacturing, and real estate.
If you have found the right business to partner with for a new commercial endeavor, you can outline the terms of your agreement in a joint venture agreement. The purpose of a joint venture agreement is to set the rules of the alliance and avoid future disputes. A joint venture agreement lays out your business objectives, how much each party is contributing, the roles and responsibilities of each party, and how profits and losses will be divided. All parties must agree to the joint venture agreement’s terms and express their intent to enter into the relationship.
Joint venture agreements can be complex and confusing. Drafting and finalizing a joint venture agreement requires the expertise of a business attorney. The complex rules of a joint venture must be adhered to in order to avoid the risk of failure on all sides. Jones Law Group provides a complete range of services related to joint venture agreements, including the following:
Joint ventures are highly individualized and governed largely by the contract agreement. Using a business attorney is vital to forming a joint venture that promotes your best interests. A lawyer can help you draft or review a joint venture agreement as well as assist you with filing a lawsuit if a legal dispute arises over contract terms. Points of negotiation that need to be evaluated when you draft a joint venture agreement include the allocation of responsibilities, funding for the project, minimum requirements for each party, and tax and liability considerations.
The business lawyers at Jones Law Group in Columbus have extensive experience forging joint venture agreements. We regularly aid clients in planning and executing joint ventures to ensure their success. Our highly skilled team brings a diverse set of strengths to the table.
Jones Law Group can help you negotiate and draft documents as well as give you advice regarding tax implications. Our attorneys have experience handling a wide range of issues that may arise in joint venture agreements. Call (614) 545-9998 or contact us online to schedule a free initial consultation with our skilled business lawyers.
JLG Attorney Rob Flaugher to Speak at Litigation Seminar on 7/31/15
Jones Law Group Attorney Rob Flaugher will be a featured speaker at the National Business Institute litigation CLE seminar “Dirty Litigation Tactics: How to Deal with the “Rambo” Litigator” at the Hilton Garden Inn Columbus Airport on July 31, 2015. For more information go to: http://www.nbi-sems.com/Details.aspx/R-69518ER%7C?ctname=SPKEMREAD MORE →
Patrick Monday, April 2, 2018 A special thank you to Jones Law Group attorneys Kevin Larrimer and Nick Kolitsos for helping me with my STRS disability claim. They are both very competent and well versed in Ohio STRS disability law and were able to succeed in my claim where I was unable on my own. […]