There’s no strict definition of a “joint venture”. It’s a general description for an arrangement in which businesses work together, sharing risk, resources and rewards.
A joint venture can be established between two or more companies, using documentation such as a memorandum of understanding, a co-operation agreement, or a contractual joint venture.
In some circumstances, it may be appropriate to form a new company. In this scenario, you could use various legal structures, the most common being limited companies (Ltd), partnerships and limited liability partnerships (LLP).
TLS Solicitors can help you identify and set up the structure that’s best for you. We can draft or review your agreements and negotiate on your behalf, building goodwill between all the joint venture parties.