“You’ve got the brains…I’ve got the connections and money…Let’s make lots of money!” That’s the spirit of a joint venture–two or more entrepreneurs pooling their expertise and capital to profit from a business opportunity. And if everyone has agreed to split the profits equally, what else is there to do except get to work? Just one thing─draft a written joint venture agreement (JVA) with the help of a business lawyer.
An extremely large number of joint ventures end in a legal battle usually because the parties didn’t take the time to anticipate potential problems at the beginning and to account for such issues in a written JVA.
