Joint venture agreements for small business
Joint Venture Agreements are essential for individuals or companies with different resources, skills, expertise or connections, but who possess a mutual goal (usually to generate profit). A joint venture agreement provides opportunities for business growth and flexibility, and allows all parties to share the costs of a potentially expensive venture, rather than bear the expenses on their own.
It’s crucial to formalise your legal agreements, and a customised joint venture agreement will effectively outline the unique objectives and management of your enterprise, while the terms will dictate who is responsible for which costs, and how profits will be distributed.
There are two types of joint ventures – an informal unincorporated joint venture agreement, where the relationship is regulated by the terms within the agreement, or an incorporated joint venture, where individuals form a separate company and become shareholders. The company will own the assets associated with the venture and will administer its activities through a board of directors.
At Lawbase, we’re committed to listening to and assessing your distinctive business needs, and we can tailor an agreement that will protect your interests and clearly define your rights and obligations. Contact us today so we can help you get started.
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