Have Legal Questions? Ask a Lawyer Now.
Hi Fran - haven't found the answer yet - trying to get education before talking with any actual insurance companies. Thanks.
You haven't said anything about how much money is involved, but I don't see why a joint venture agreement wouldn't work. The venture would have a name and the agreement would set out what each individual participant's duties and rights are. The insurance could remain in your name. Here is a sample JV agreement, which is far more complex than what you need, but you'll see what one looks like. http://www.nist.gov/tip/cur_comp/upload/sample_joint_venture_agree_032010.pdf
I hope that this information is helpful. Please click on a smiley face so that I will becompensated for assisting you. If you have a follow up question please send meback a Reply without entering any rating. Also, be sure to verify thisinformation with a local attorney who is familiar with your local laws andprocedures. Thanks again for using Pearl.Com- Just Answer. Your businessis appreciated.
Hi - the question was more about insurance than the partnership structure.
"Can I use the same insurance I now have and just add the partners as additional insureds to my insurance or will I need to have commercial insurance (which would be prohibitively expensive) to make this work."