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Home Q&A Forum What's normal term in a joint venture?

Business

Joint Venture Agreement

Texas

Asked on Mar 21, 2023

What's normal term in a joint venture?

I am currently in discussions with another company to form a joint venture to pursue a business opportunity. As part of our negotiations, we are trying to determine the appropriate term for the joint venture, including the duration of the joint venture and the conditions under which it can be extended or terminated. However, I am unclear on what is considered a normal or typical term for a joint venture, and what factors should be considered when determining the length of the venture. Therefore, I would like to seek the advice of a lawyer to guide me through the process of negotiating the term of the joint venture and to ensure that the terms are legally sound and meet my needs.

1 Attorney answer

Answer

Business

Texas

Answered 347 days ago

Jimmy V.

ContractsCounsel verified

Business Lawyer
Licensed in Texas
Free Consultation

A joint venture is a partnership organized for a specific purpose. Let's say that you formed a joint venture to renovate a house and sell it. The joint venture ends once the project is completed. In this case the joint venture would end when you sold the house, 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 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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