![]() ![]() There are several types of ways to structure a joint venture. Ideally, this will be formally recorded in a joint venture agreement. There is a business risk to the parties, however, as each party relies on the other to ensure their goodwill is not damaged by putting their name to a joint venture. It is important that the parties to the joint venture define their respective roles and responsibilities early on and how the parties will work together to achieve the joint venture’s targets. Taking the widest definition, this can mean a strategic arrangement between two or more businesses, where resources are pooled, to work together on a specific project or an ongoing basis. Joint ventures are a useful way of collaborating with other businesses and to combine different areas of expertise for targeted or general business purposes. Any suggestions are welcome to increase the effectiveness of the article.A joint venture can take many forms. This article cannot be construed as legal opinion and writer will not be liable for any claim. Company may vary the agreement according to the business they are involved in.
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