Draft Joint Venture Agreement in Texas for Construction Business
How much does it cost to draft a Joint Venture Agreement in Texas? Below are summary details about a user that needed to draft a
Joint Venture Agreement
in Texas for Construction Business.
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The user received 2 bids to draft the Joint Venture Agreement at a pricing range of $1,500 - $1,500 on a flat fee.
The data includes project specifications and Joint Venture Agreement pricing.
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I am looking to enter into a joint venture with a business partner. We are both making a significant investment of resources and capital, and we want to ensure that we have a clear understanding of the voting rights associated with the venture. We want to make sure that each party's interests are protected and that all decisions are made in a fair and equitable manner.
Answered Mar 3, 2021
The voting rights should be based on what the parties determine to be appropriate based on your particular teaming arrangement. You also should consider if there is any voting requirement based on an end-user for the joint venture (e.g., governmental authority may require a majority ownership by one of the joint venturers as well as majority voting rights as in the case of an 8(a) certified entity).
I'm a small business owner looking to start a joint venture with another business. We have discussed the terms of the venture and are ready to move forward, but I want to make sure that I understand who is responsible for which contracts. I'm concerned that if either party fails to fulfill their contractual obligations, I need to know who will be held liable.
Answered Mar 3, 2021
Typically, liability for each party to a joint venture is determined by the joint venture agreement itself. However, if the joint venture agreement is not sufficient to establish liability or there is no agreement, the law imputes "per capita" (per head) liability. For example, in a joint venture that involves three separate individuals and/or entities, each venturer bears one-third of the total liability. For this reason, joint venturers commonly register a separate entity such as a limited liability company ("LLC").
Hope this helps!