Introduction - Keys To A Successful Joint Venture A joint venture can afford your business to grow in ways that you never would have dreamed of 20 years ago. Today, thanks to the internet, more people are forming joint ventures with one another and becoming successful because of them. There are joint ventures that are formed with people from all over the globe that are booming. Not only are people making money, but they are getting to experience different cultures and marketing plans. Those who are involved in such ventures are finding that they are not only making a profit, but growing as people at the same time. The world is no longer large. The internet has allowed us to get connected to people we otherwise might not have met. One way that people are connecting is through business. Savvy business owners and investors are discovering joint ventures and how they can help them expand their current businesses as well as teach them business tips that they can use in the future. In order to create, maintain and grow the best joint ventures, you have to understand everything about a joint venture such as what it is, what makes it such a viable option in today’s business climate and how it can help your business. This book will explain to you everything that you need to know about joint ventures including how you can form the best type of joint venture for you. What Is A Joint Venture? You have probably heard about joint ventures as they have become more common in the past few years, especially with regard to investing. But what is a joint venture? If you are like most people, you may have assumed that it was a type of entity. A joint venture is not a separate entity. It is comprised of either individuals or businesses for the purpose of a single project. It is a partnership between two or more individuals, corporations, LLCs or other entities for a single purpose. This can range from investing in a foreclosure to a shopping mall. A joint venture is a type of partnership that has a limited purpose. In order to set up a joint venture, you must meet with the other principals of the venture and draw up a legal contract. The contract will specify the purpose of the joint venture, the duties of all of the principals and how the property or assets of the joint venture can be owned. The joint venture can be a corporation, a partnership or an LLC. What makes a joint venture different is that it is not an entity in itself, rather, it is formed for a specific purpose, which makes it the joint venture. One common use for a joint venture is for home investments. Many people today are looking to invest in real estate. The fact that the real estate market is at the bottom has made many investors stand up and take notice as this is an excellent opportunity to buy. However, not everyone has money in which to invest in property. This is where the joint venture comes in. A joint venture can pair one person up with money who does not have the time nor the inclination to look for foreclosures and short sales, with another individual who has all the time and expertise in the world but not any money. The two parties can agree on a joint venture. Unlike a partnership, a joint venture puts a limit on the liabilities of both of the parties and a limit on their involvement with one another. Whereas a partnership seems to link individuals together for many projects and is an ongoing entity, a joint venture is specifically formed for the sole purpose of one specific project. If you decided to get into a joint venture with another individual to purchase a house, you could each own the property as individuals or by any entity under which you are operating. A corporation can team up with an LLC. An individual can team up with a corporation. The joint venture papers are a contract usually drawn up in the office of an attorney who is knowledgeable in corporate law. The joint venture contract specifies the duties of each principal in the venture as well as how any assets will be split. The project is specified in the agreement, making the joint venture a unique type of entity all of its own. Each principal in a joint venture should be well aware of their duties within the venture as well as how much they can expect to make for the joint venture. Because a joint venture targets a specific project, it is usually of a short duration. If, in the above example, two people decided to get together to invest in a foreclosure property, the joint venture would end when the property was sold and the profit was made. The money from the profit would be transferred into the joint venture and then distributed, in accordance with the agreement, to the parties involved. If the parties decided that they enjoyed the business relationship and all are happy with the outcome, they can then embark in another joint venture. They will have to draw up another agreement for another property and then go through the entire process again. As time wears on and the parties decide that they like working with one another, they can form a limited partnership, an LLC or a corporation that is not a joint venture, but one where they have several different ongoing projects. A joint venture works for individuals or entities that are interested in forming a business partnership with others over a specific project. It does not work for those who want to form a lasting partnership with another individual, although it can be a good way to see if you like working with another company or individual. As a matter of fact, some successful businesses have started as joint ventures. Because liability is limited to one specific project, this gives everyone a chance to get to know the other parties in the venture and decide whether or not they want this to be a lasting relationship. Building a joint venture into a lasting business relationship is well worth the time and effort as you can certainly afford to do more with a joint venture than you can in your own business. If you are looking to diversify your business as well as expand, a joint venture can give you this opportunity without costing you a lot of investment capital.
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