A joint venture is similar to a partnership, but it is usually limited to a single transaction. Companies can create two main types of joint ventures: (1) contractual; and (2) a separate legal entity. Creating a contractual joint venture is made by a contract between the joint venture partners. It should be in writing, but it could also be verbal. Creating a separate legal entity joint venture requires the creation of a corporation or limited liability company.
Typically, a contractual joint venture is chosen when the monetary amount is small, or the joint venture will be short. When there is more money at stake for a more extended period, the creation of a new joint venture entity is usually chosen. A joint venture agreement is often what the contract is called that assigns the partners’ obligations in the joint venture.
Joint venture members are together for a project instead of everyday business between partners. The joint venture members also retain the ownership of their property.
In a strategic alliance, the entities operate separately instead of together. A strategic alliance is an agreement between two or more entities to work together to increase both parties’ individual performance.
Cooperatives share a common social, cultural, or economic objective that is a long term arrangement. Joint ventures are intended for a project.
If you are thinking about forming a joint venture, you must get an experienced business law attorney on your side quickly. Contact the Waco business law attorneys at Dunnam & Dunnam for a free consultation about your joint venture.
Dunnam & Dunnam’s business lawyers are known throughout Waco for their tailored legal advice for some of Central Texas’ most influential companies. Call us at 254-753-6437 to discuss your business law situation in Waco.
Hunter Slocum is an associate attorney at Dunnam & Dunnam, L.L.P.
Carolina G. Truesdale graduated from Texas Tech University School of Law, Cum Laude, where she discovered her passion for serving families during difficult times.
Mason Dunnam won his first jury trial the day after becoming licensed to practice law. He became a lawyer to fight for the little guy.
Eleeza Johnson has been a member of Dunnam & Dunnam since 2015 and is currently designated as Of Counsel.
Andrea Michelle Mehta became a lawyer to help people navigate the legal world. She loves her work and the people.
Gerald Ray Villarrial has an important goal – to be remembered as someone who cared about people and changed lives through his skill as an attorney.
Jim Dunnam is a Board Certified Specialist in both Civil Trial Law and Family Law. Jim was born and has spent his entire life in Waco.
Merrilee Harmon is a Family Law specialist, Board Certified by the Texas Board of Legal Specialization since 1985.
Vance Dunnam has 60 years of experience as a lawyer in Waco, Texas, handling all types of cases in both the office and the courtroom.
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