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Our specialist solicitors can assist you and your business with the creation, management and exit from joint ventures. We are able to structure and deliver practical and effective solutions to support you and your operational requirements.
A joint venture broadly involves any arrangement where two or more existing businesses agree to co-operate and combine resources to target a specific business project or develop a new business. A joint venture can also spread and dilute risk where the parties typically share the initial investment (including the contribution of finance and/or assets) and share any on-going liability of the project. Inevitably, a joint venture involves a sacrifice of the control and flexibility which otherwise may have applied had a party undertaken a business project independently.
The structure used to conduct the joint venture will usually take the form of a private company, a limited liability partnership (LLP), a partnership or simply a contractual agreement between the parties.
The use of a corporate entity involves the vesting of all the joint venture trading activities in that corporate entity, often called a Special Purpose Vehicle or “SPV”. In such a scenario the parties will typically enter into a joint venture agreement or shareholders’ agreement and the company will adopt a new constitution (articles of association).
On the other hand, in a purely contractual joint venture, there may be no pooling of assets and no general sharing of revenues and costs. This type of agreement is often referred to as a co-operation agreement and would suit circumstances where the parties decide to retain their own independence.
When planning the structure of a joint venture, there are a number of issues to be considered. These include for example:
The typical documents that may be required in a joint venture are:
The Corporate Commercial team at Myerson has considerable experience and expertise in this field. Our familiarity with the legal and commercial issues which arise in joint ventures enables us to offer positive and practical assistance at every stage of the transaction.
We work closely with our clients to make sure they receive accurate legal advice to achieve the best outcome for their unique circumstances. Our experienced solicitors have a wealth of experience dealing with joint venture agreements.
Examples of the joint ventures we have advised on include:
Home-grown or recruited from national, regional or City firms. Our specialists are experts in their fields and respected by their peers.
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