Our experienced joint venture agreement lawyers can help guide you to the best outcome so you can move forward with your commercial project with confidence.
Joint venture agreements
If you’re considering a joint venture or have already begun one, you can still put in place a joint venture agreement. The agreement allows you to set out how you want the joint venture to operate and gives you clarity and peace of mind. There are a range of issues that can be negotiated in a joint venture agreement including:
- How the joint venture will be structured. For example, you may want to create a company for it;
- What each organisation will contribute to the joint venture. This could be money, assets, property, skills, intellectual property or a blend of any of these;
- Who will own any intellectual property or other assets resulting from the joint venture;
- Who is responsible for the costs of the joint venture;
- What profits you can take and when you can take them from the joint venture;
- Whether anyone else can join the joint venture, and if so, how they can;
- How you will resolve any disputes that arise; and
- When and how the joint venture can be dissolved.
Joint ventures in Victoria
In Victoria, if you don’t have a joint venture agreement in place there is legislation that will dictate how some aspects of your business venture will work. This includes requiring each party to the joint venture to have equal responsibility for the profits, losses and management of the venture.
Why MNG Lawyers
Frequently Asked Questions
Generally, a joint venture involves two businesses who may be individuals, companies, partnerships or even trusts. Whereas a partnership is usually a business venture between individuals. Often, a joint venture is for a specific project or time period, whereas a partnership is usually an ongoing business arrangement.