Selasa, 13 Oktober 2009

Joint Venture

A Joint adventure or enterprise or venture is a “one-shot” grouping together of two or more persons in a business. If they have a continuing relationship, if may be a partnership.
The joint venture is similar in principle to the general partnership in that there is no limitation upon the liability of any of the contributors. The joint venture usually involves a single undertaking which does not constitute an ongoing business. Moreover, joint venturers usually have less ability to bind each other vis-à-vis third parties. The joint venture is formed by the implied or express agreement of the joint ventures. However, a written agreement containing some or all of the following items should be executed.

1. A definition of the scope of the venture.
2. The extent to which each joint venturer may bind each other vis-à-vis third parties.
3. The amount of the initial contribution of working capital and what circumstances will require additional contributions.
4. The share of the profits each party is entitle to.

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