Business
Joint Venture Agreement
Texas
Can a JV own property?
I am currently in talks with another company to form a joint venture (JV) for a real estate development project. We are planning to pool our resources together to purchase land and build properties. However, I am uncertain if a JV can legally own property or if we would need to form a separate legal entity for the ownership of the real estate. I would appreciate the guidance of a lawyer on this matter.
1 Attorney answer
Answer
Business
Texas
Jimmy V.
ContractsCounsel verified
A joint venture can own property. It's a type of partnership. But in a partnership, each partner is liable for anything the other partner does. You would be much better off setting up as an LLC. PS For more information about business entities, download a free copy of my ebook "Should Your Small Business Become a Corporation or an LLC? A Look at Liabilities, State & Federal Taxation & More!" from my website types-of-business-ownership.com
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