Joint Venture Agreement Lawyer Toronto
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Joint Venture Agreement Lawyer in Toronto
A joint venture agreement is a written agreement setting out the rules by which a venture will be governed. It is important to highlight matters such as the nature of the commercial activity in which the joint venture will engage; the contribution of each co-venturer; each co-venturer’s share in the profits and losses; the duration of the joint venture; the management arrangements; and the dissolution of the joint venture. Most importantly, a well drafted agreement will diminish if not eliminate conflict between the parties to the agreement.
Joint Venture and Partnership
A joint venture agreement may seem similar to a partnership, but they are different types of business organization. Some of the differences include:
- In terms of liability, partners in a partnership are jointly liable for all debts of the partnership, whereas participants in a joint venture are only responsible for issues related directly to the project.
- Joint ventures are typically short-term partnerships between two or more individuals, groups, organizations or companies.
- Unlike partnerships which is a legal entity (where partners can essentially act on behalf of each other when conducting the business), a joint venture is merely an agreement between parties and pool resources. Participants are legally bound and therefore cannot act on behalf of each other.
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How Can We Help?
We at MB Law will work with you to understand you needs, negotiate, draft and sign a joint venture agreement. A joint venture agreement is flexible and can accommodate the needs of the individuals. Hence, it is important not to use a standard agreement without taking into consideration the specific needs of the business. We can help you understand important legal provisions that should to be included in the joint venture agreement to better suit your business. Our advice may minimize the potential for future conflicts.
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