Business Law Attorney in Las Vegas
Joint ventures are business arrangements in which parties of two or more have agreed to put together their resources in the purpose of accomplishing specified tasks. These tasks can be a new project or other business-related activity. Each of the participants in the joint venture are responsible for losses, profits, and costs associated with the agreement. Ventures are, however, their own entity that are separate and apart from any of the participants’ other business interests.
Regardless of any legal structures used for the joint venture, the document that will be most important regarding the joint venture is the agreement that will set all the partner’s obligations or rights. Other obligations included in such a document are:
- Objectives of the joint venture
- Day-to-day operations
- The right to the profits
- Responsibility for any losses
- Initial contribution of the partners
Corporations, limited liability companies, partnerships, and other business entities can all be used in the form of a joint venture. With so many forms of a joint venture available, it may be confusing to be able to determine what is the best route for you and your business. Contacting a local business law attorney in Las Vegas can help you to understand and decide what is the next best step for you.
Once your joint venture has reached its goal, you can then choose to liquidate the venture or sell it. If you or someone you know is struggling with their joint venture or isn’t sure where to start with such a large business commitment, discussing your case with a trusted attorney can allow you to understand what is going to be the best action you can take. Dobberstein Law Group is here to help you and your business succeed in whatever venture is established.
Contact the office today to schedule your consultation.