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Below you will find some background information on the legal facts surrounding this area of the law, to help you get an idea of your options.
- There is no legal definition of a ‘joint venture’ because the flexibility of the concept means that it can be used in many different situations. In very broad terms it covers any arrangement by which two or more existing businesses agree to cooperate and usually to combine their resources with a view to profit.
- It could cover an entirely new enterprise or the more efficient working of an existing activity. A common example is a property joint venture where two land owners or a land owner and a developer combine resources to seek planning permission to build a development. Another would be an individual with a novel product or service but without the resources combining with a backer to develop and market it.
- A joint venture can be operated purely through a contractual arrangement; with both sides retaining their own independence or the parties may combine on a more permanent basis and form a new joint venture company.
- Every joint venture is different and professional advice is essential.