If two or more parties wish to come together for a common business venture, they are usually faced with a choice between various legal entities such as corporation, limited partnership, partnership, unit trust or joint venture. If the participants’ expectations are unclear, inconsistent or inappropriate then substantial difficulties may arise.
A number of factors will determine which entity is most appropriate for any given situation. For example, those who are only interested in a relationship for the duration of a specific project, a joint venture arrangement is often chosen. A joint venture agreement looks quite different from that made for a partnership, and each has its own unique tax and legal implications.
We often recommend that parties to an agreement should discuss amongst themselves what they consider to be the main aspects of the arrangements, as well as any potential situations that may arise and preferred solutions. This can help to focus minds, and streamline the process.
We are able to assist in the following:
