Q&A - What is the best way to set up a joint project with another company
Q: I have been approached to work jointly with another company on a specific project. Can you advise whether a Partnership or a Joint Venture arrangement would be the most suitable and which would offer the greatest protection?
A: If you were considering the arrangement on a long term basis a Partnership could be appropriate. But if you will be working together on a specific project for a finite period of time, i.e. without being bound together indefinitely, a Joint Venture (JV) would be more suitable.
Compared to a Partnership, a JV offers greater advantages in terms of flexibility, independence, cost and simplicity. There are two types of JV, the most common of which is a Contractual JV whereby you establish an agreement to co-operate, without setting up a separate business. For larger or more complex projects, an Incorporated JV may be more appropriate, whereby you set up a separate business in order to carry out the particular activity or project.
Key clauses within the JV Agreement should deal with specific details relating to the aims of the JV partners, their initial and final contributions; the structure of the JV, e.g. whether it will be a separate business or on a contract basis; management and control, e.g. respective responsibilities and processes to be followed; how liabilities, profits and losses will be shared; resolution of internal disputes; sale and transfer of an interest in the JV and the ending of the JV.
It is vital that you instruct a Solicitor to assist you in looking at all your options and then drawing up the necessary Agreement. Agreeing the exact terms when you set up your JV will help to minimise any risks and give both parties the confidence to enter fully into the relationship with complete trust in each other and clear aims and objectives.
Further information relating to this question is available from Talog Davies, a solicitor in the Civil and Commercial Litigation department at GHP Legal's Wrexham office on 01978 291456. Talog is a member of the Association of Personal Injury Lawyers and an Associate of the Chartered Institute of Arbitrators or from Nick Kennan, a solicitor with GHP Legal, Commercial and Civil Litigation department at the Oswestry office on 01691 659194.
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