Corporate and Partnership Joint Ventures
If you or your company is looking to set up a joint venture with other companies or individuals, Blackstone Solicitors can provide all of the expert legal assistance you need, advise on the legal due diligence process that is required and guide you as to the best form of company structure. This could be in the form of a corporate joint venture or a partnership joint venture. We have considerable experience in this area of law and can advise you throughout the process. We can also help with any relevant documentation to ensure you achieve everything you are hoping to through any agreement you make.
Speak to our joint venture solicitors today to find out more about how we can assist you and your business. Call us on 0345 901 0445 or allow us to call you back by completing our online enquiry form.
We place a huge emphasis on getting things done properly and efficiently. This is also true when providing legal advice concerning joint ventures; we have vast experience of drawing up joint venture agreements in various industry sectors including construction and real estate, doing so comprehensively and ensuring all of the necessary provisions for each party are properly set out, fulfilling every aim and objective whether the structure is a corporate joint venture or partnership joint venture. Within the principle of a joint venture agreement, there are, in fact, a number of different formats. Typically, a joint venture will include the signing of a non-disclosure agreement in order to keep deal terms confidential.
Partnerships are designed for at least two people (or organisations) that come together for a business and are usually active within the business (although ‘sleeping’ partners can also be considered). Records are kept by each partner on income and expenses incurred within the partnership. Each partner manages their own tax liability with HMRC and there is no Corporation Tax as there is with a limited company.
There are three types of partnerships that can be created. These are ordinary, limited, and limited liability partnerships.
An ordinary partnership is a simple agreement between the parties. It’s not a legal, formal structure but it must be registered as a partnership with HMRC. Should one partner leave or pass away, then the partnership is dissolved but it is acceptable that the business may continue outside of the agreement.
Limited partnerships comprise limited partners and ordinary partners. The partnership must be registered with HMRC but usually doesn’t file annual returns as a partnership. With limited partners, their liability is restricted to what they’ve invested in the business and the guarantees that have been made regarding obtaining finance.
A limited liability partnership (LLP) is a more formal structure. An LLP is taxed as a partnership and has similar limited liability protection as a limited company for the partners. Registering the LLP with Companies House along with filing accounts and annual returns is part of the responsibility of designated members of the LLP.
Regardless of the size of your company and the complexity of any proposed joint venture, our solicitors have the experience and specialist knowledge to help you achieve an outcome that is both fair and beneficial. We will take the time to make sure you fully understand the agreement and its objectives, as well as what is expected of each party to the joint venture.
Why Legal Help is Important
A joint venture is defined as a commercial arrangement between two or more participants who cooperate with the aim of reaching an agreed business goal. Joint ventures can be complex and it is therefore essential that the terms are in your best interests and the joint venture agreement is drawn up in such a way that it meets your particular objectives.
At Blackstone, we can help to ensure the agreement is fair and gives you the very best chance of achieving the outcome you are looking for. Joint ventures can cover a wide range of collaborative business arrangements, each with their own specific requirements and intricacies. It is therefore imperative that you seek expert legal help to ensure any joint venture you are involved in, whether as a co-owner or an investor, is suitable and correct and that thorough legal due diligence is carried out prior to any agreement.
We provide various services for individuals and companies looking to set up a joint venture including advising on agreements and making sure everything is completed thoroughly and without error and is in your best interests. There are distinct differences between partnerships and joint ventures. Sometimes the differences are subtle and other times they’re clear and distinct. Choosing the appropriate structure for your business venture is important because it affects many aspects in the future such as legal protections and levels of taxation. It also helps to be considered with the decision making because it can be problematic to change structures later on.
Get in Touch
Find out more about our services and how our joint venture solicitors can help you and your business by getting in touch today. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will call you back at a convenient time.
We are able to help business throughout the North West – including Manchester and Chester – as well as the rest of the UK, from our offices in Cheshire and London.