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Partnership or Joint Venture
If two or more parties wish to come together for a common business venture, they are essentially faced with a choice between four legal entities – corporation, limited partnership, partnership or joint venture.
A number of factors will determine which entity is most appropriate to any given situation.
For example, for those who are only interested in a relationship for the duration of a specific project, a joint venture arrangement is often chosen.
A joint venture agreement looks quite different from that made for a partnership, and each has their own tax and legal implications.
At the start of a joint venture or partnership, the thought of a future dispute is often the last thing on your mind.
Unfortunately however, experience tells us that problems can, and often do, arise. As a result, we strongly advise our clients going down this route to consider every aspect of the venture at the outset and make a formal agreement before going ahead.
This often saves a good deal of stress, anxiety and money further down the line.
If you are thinking about embarking on a partnership or joint venture, get in touch with the team at Gifour.
Our often recommend that parties to an agreement should discuss amongst themselves what they consider to be the main aspects of the arrangements, as well as any potential problems and preferred solutions.
This can help to focus minds, and streamline the process once you meet up with us.