What is Joint Venture
Joint venture is where two or more Companies joint (or) two or more individuals joints together and form a separate legal entity or carry out a Project. In simple words, if your company has a unique concept or business idea and another company is interested in collaboration for promotions and sales, this is a form of Joint Venture.
What is Joint venture Agreement
Joint venture agreements brings two strong organisations together for a common purpose and clearly defines every terms and conditions to start a new venture to achieve their common Goals.
What are the advantages of Joint venture
Risk Sharing
Collaboration of Resource
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What is difference between Joint Venture agreement and Partnership agreement
There are some similarities between Partnership and Joint venture. Only a small line of difference between both the type of arrangements.
The First one: Partnership is one where two or more individuals joints together and starts a business as a Partnership Firm but whereas here in JV it need not be a partnership firm. The second difference is Taxation. Both the companies can pay tax separately for their own remuneration.
What are the points that need to be incorporated in the JV Agreement
Name and details about both the parties
Duties & responsibilities of both parties
Name of Joint venture Company
Joint venture’s Object Formation
Contributions by the Parties
The Profit and Loss sharing
The Liability Clause
Termination clause
The above Agreement will completely specifies all the terms and undertakings of both the parties Once it is approved by all the parties, it need to be signed by both the parties and witnessed by two people. Then it becomes a valid contract.
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