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Joint Ventures

Get your joint venture off to the best possible start with the advice of our corporate law specialists. We take a practical but strategic approach to help businesses and entrepreneurs put in a place a strong foundation, so you can focus on bringing your vision to life.

Glanvilles Corporate team has wide ranging experience in assisting clients in setting up joint ventures and in negotiating and drafting the agreements and ancillary documentation.

Joint ventures often take the form of a limited company in which the joint venture parties are shareholders. They may also be purely contractual in which case a limited company is not incorporated and the rights and obligations of the joint venture parties are determined by contract.

For expert business legal advice, please speak to our corporate lawyers in Chichester, Fareham or Havant or use our simple enquiry form to ask a question and get a quick response.

Joint venture legal advice in Chichester, Fareham and Havant

If you are planning on entering into a corporate joint venture, our team have the expertise and experience to guide you through the process as swiftly and cost effectively as possible.

We are skilled at helping businesses navigate complex aspects of corporate and commercial law, side-stepping risk while grasping opportunities with both hands.

We take a strategic approach to provide each client with a bespoke service – every commercial vision is unique, so the advice we give is carefully tailored to suit each client’s individual needs.

Our expertise includes:

  • Advising on and preparing Joint Venture Agreements to jointly invest and set up joint venture enterprises.
  • Providing advice on the best business structure to suit your needs, such as limited liability company, partnership, limited liability partnership or a standalone contractual agreement.
  • Assisting with company formation, including preparing Articles of Association, Memorandum of Association and Shareholders Agreement.
  • Preparing other various corporate agreements, such as Partnership Agreements, Limited Liability Partnership Agreements and Cross Option Agreements.
  • Advising on intellectual property.
  • Providing employment law advice, such as preparing employment contracts, service agreements and advising on TUPE (transfers of undertakings).
  • Helping you resolve commercial disputes.

We have a wide range of expertise working across a broad range of sectors, with particular expertise in the IT industry.

What is a Joint Venture Agreement?

A Joint Venture Agreement (also sometimes referred to as a Co-Venture Agreement) is a contract between two or more individuals or businesses to undertake an enterprise together.

Joint ventures can be set up for a variety of reasons, such as to develop technology to assist the purposes of the venture members’ individual businesses or to collaborate on an entirely new business idea.

For example, Google and NASA embarked on a joint venture in 2005 which involved setting up a partnership to develop a range of new technology to benefit both organisations. The results included the development of Google MARS which used Google Earth technology to make the mapping of Mars accessible to the public.

Whatever the purpose of your joint venture, a Joint Venture Agreement formalises the arrangement and protects each member’s position.

The Joint Venture Agreement regulates the terms of your enterprise, which is especially critical if you are not using a formal business structure such as a limited liability company to move forwards with your venture.

What do Joint Venture Agreements cover?

Joint Venture Agreements typically cover:

  • The structure of the business
  • Your commercial objectives
  • The place of business
  • Each member’s financial contributions
  • Clauses for contributing additional capital
  • How capital will be held and maintained
  • Details of intellectual property and ownership of IP created as part of the joint venture
  • How the joint venture will be managed and controlled
  • Exit strategies and clauses for withdrawal of capital
  • Clauses for admitting new members and removing members
  • Mechanisms for dispute resolution
  • Mechanisms for the dissolution of the joint venture, such as terms of liquidation and valuation of member interests

How should you structure your joint venture?

There is no legal requirement about the exact way you should structure your joint venture. This will ultimately depend on your commercial interests and the best way to facilitate your mutual agreement.

As part of our corporate law service, we can talk you through your options and provide simple, practical advice, so you can proceed with confidence.

There are two main types of joint venture:

  • A contractual joint venture – there is no separate legal entity set up for the purposes of conducting the joint venture. Instead, the basis of the joint venture will typically be a written contract.
  • A separate legal entity – many businesses and individuals embarking on joint ventures choose to set up a separate legal entity, such as a limited liability company, limited liability partnership or limited partnership, to facilitate and regulate the agreement.

Should your Joint Venture Agreement be in writing?

The agreement does not technically need to be in writing. A Joint Venture Agreement can simply arise by two or more parties’ mutual agreement to embark on a business activity together.

There have also been cases of an Agreement being inferred by the parties’ words and conduct within the context of the matter.

Although a written agreement is not strictly required, it is always safer to put your agreement in writing to make sure there can be no confusion or conflict about the terms. Joint ventures tend to rely on careful funding and management, so there is commercial risk as well as opportunity for all the parties.

A written Joint Venture Agreement can clearly set out the terms of the agreement so there can be no ambiguity about what is expected from the parties. The Agreement also reduces the risk of protracted disputes arising should the parties fall out or one party wants to leave.

Without a written agreement, it is common for litigation to arise out of any disputes. This can be very expensive and time-consuming for everyone involved, not to mention the risks to each party’s commercial interests and reputation.

What alternatives are there to a joint venture?

A Joint Venture Agreement is not your only option. We can provide advice about whether a joint venture is right for you or whether you may benefit from an alternative, such as:

  • Merging your businesses – a merger may be more conducive to long term collaboration than a joint venture, which tend to be short term solutions and limited in duration.
  • Strategic alliances – when two or more businesses cooperate to manufacture, design, develop and/or distribute goods or services. This type of arrangement tends to be more flexible than a joint venture and there may or may not be a formal contractual arrangement in place. This can allow each party to retain independence while working towards a common goal.

Why choose Glanvilles’ corporate joint venture solicitors?

Our corporate lawyers have garnered a wealth of experience over years, having worked with businesses of all sizes and structures across a wide range of sectors.

As a result, we can offer you a highly personalised service with advice carefully tailored to suit your individual business needs.

We build strong, long-term relationships with our clients and are proud to be the go-to law firm for many local businesses in and around Hampshire and West Sussex.

Our expert team includes Partner Lance Terry, an experienced lawyer with a strong background dealing with corporate transactions, including joint ventures. He also provides a range of associated commercial law advice to help businesses make their commercial ventures a success, including contracts and intellectual property advice.

Our Corporate team also includes Scott Richardson, a skilled lawyer who specialises in all corporate and commercial law matters. If you are an entrepreneur, start-up or early-stage business in or around Chichester, Scott is available to provide a free 30-minute consultation to discuss your legal requirements. Get in touch with Scott at scott.richardson@glanvilles.co.uk to enquire.

The Glanvilles’ client service promise

  • Our staff will be friendly, respectful and attentive.
  • Your concerns will be listened to, your questions answered and your options explained in plain English.
  • The cost of dealing with your requirements will be made clear to you from the outset.
  • We will answer your phone calls and emails promptly.
  • We will keep you regularly updated at all times.

Get in touch with our corporate joint venture lawyers in Chichester, Fareham and Havant

For expert business legal advice, please speak to our corporate lawyers in Chichester, Fareham or Havant or use our simple enquiry form to ask a question and get a quick response.