You're about to dive into a joint venture with another business or colleague. You've brainstormed everything, you've bounced ideas around and you're on the same page. But how do you make sure everything is official and that trust with your collaborators is established?
A joint venture lawyer specialises in exactly this kind of endeavour and can ensure you have a solid agreement in place so you can move forward with confidence.
Use this guide to find out how a joint venture lawyer can help you. Plus, where you can find resources and free quotes.
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What's in this guide?
What is a joint venture lawyer?
A joint venture involves two or more businesses working together on a specific project or business activity, while still maintaining their own business. These ventures are often to increase production rates, reduce costs and share resources and can be for long or short term projects.
A joint venture lawyer helps set out the contractual terms of the venture and creates an agreement between the two parties to ensure everything is fair and lawful. These lawyers specialise in business and commercial law and can help set the ground rules for your business collaboration.
When should I use a joint venture lawyer?
If you're considering a collaboration with another business, a joint venture lawyer will help you put together a Joint Venture Agreement. Since you'll be pooling resources and sharing the workload, and of course the profits, there can be a lot of risk involved relating to legal and financial matters. A joint venture lawyer will ensure both parties are protected from the start by running background checks, covering liability and establishing the framework for what each business will contribute to the venture.
Joint venture vs Partnership
A joint venture involves two or more individuals or companies working together for a specific purpose while still retaining their separate identities. It's typically for a limited time or one-off projects. A partnership is an ongoing relationship between two parties and is not a separate legal entity. Partnerships are usually limited to 20 partners. The main difference between a joint venture and partnership is that a partnership requires both parties to be jointly responsible and liable for all activities and debts.
What services does a joint venture lawyer offer?
A joint venture lawyer can work with you to draft a clear joint venture agreement which lays out the expectations for both parties. A joint venture lawyer service typically includes:
- Background checks
- Outline of duties and contributions
- Intellectual property
- Cost sharing
- Profit sharing
- Dispute resolution
How effective is a joint venture lawyer?
A joint venture lawyer will perform background checks on all parties involved to ensure everything is legitimate and legally viable. From there, the lawyer can create a joint venture agreement for you which will ensure the appropriate liability is equally granted to each party. This will mean that the responsible party will be held accountable in the event of a dispute or failure in the venture.
This is a worthwhile process that will create a solid and honest foundation from which you and your business venture collaborators can work from. There are plenty of law firms in Australia that can help and several websites which provide a free quote. All you need to do is submit a brief outlining your plans and needs and you will receive a fee for the lawyer's services. We suggest requesting a few quotes and comparing prices as well as expertise and experience.
Is it a good idea to use a lawyer for my joint venture?
Some joint ventures, particularly between two individuals or very small businesses, are undertaken without an official agreement. But it's highly recommended that you use a joint venture lawyer to set up an official agreement because it will avoid potential losses down the line.
Enlisting the help of a lawyer will ensure you cover all legal areas and protect against potential problems and this will establish the trust you need between all involved.
Here's some further detail on a range of Australian law firms that can provide online legal resources and free quotes:
- Lawpath. Lawpath offers free quotes for all areas. You can submit a brief which they will send out to their network of lawyers and get back to you with two to three proposals within one to two business days.
- Gladwin Legal. Gladwin Legal are an award winning team of experts in retail law. They can advise on all aspects of joint venture agreements and offer free consultations. They are based in Sydney and Melbourne.
- LegalVision. LegalVision has very helpful articles on everything related to joint ventures. You can submit an enquiry to receive a fixed fee quote.
- Sprintlaw. You can get access to Australia's lawyers through sprintlaw where they provide all kinds of resources and freebies. They have fixed-fee and membership options and free quotes.
- The Contract Company. The Contract Company provides fast and efficient business contracts. They will customise your joint venture agreement and a free consultation call.
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