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A joint venture is an association of persons or legal entities to carry out a single business enterprise for profit.
The common elements necessary to establish the existence of a joint venture are an express or implied contract, which includes the following elements: (1) a community of interest in the performance of the common purpose; (2) joint control or right of control; (3) a joint proprietary interest in the subject matter; (4) a right to share in the profits; and (5) a duty to share in any losses which may be sustained.
In order to establish the joint control necessary to find the existence of a joint venture, it must be shown that each of the parties to the joint venture had the right and the authority to bind the others with reference to the subject matter of the co-adventure.
Please keep in mind that the above information is being provided for educational purposes only. It is not designed to be complete in all material respects. If you have any questions relative to this post, you should contact a qualified professional.Contact Us
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