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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 54846
Experience:  32 years of experience practicing law and a businessman.
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What is a brief description of joint venture advantages and

Customer Question

What is a brief description of joint venture advantages and disadvantages?
Submitted: 7 years ago.
Category: Business Law
Expert:  Richard replied 7 years ago.

What are you comparing it with? I would always recommend a limited liability entity, such as a limited liability company, limited partnership agreement, S Corporation, over a joint venture because a joint venture does not protect your personal assets from the liabilities of the joint venture.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 7 years ago.
Is there any reason why a joint venture operating contract could not control the operation of a state-filed and named LLC (corporation)? And could that contract not stipulate that there is no joint and several liability among the members, and if so, would that contract provision be enforceable?
Expert:  Richard replied 7 years ago.

A joint venture could indeed be the owner of an LLC, but there would be no real reason to have the extra entity. The owners of the joint venture would be better off simply being members of the LLC and to have the Operating Agreement of the LLC spell out the agreement among the members.

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.