Essay CORPORATION LAW PARTNERSHIP JOINT VENTURE REQUIREMENTS PDF

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Summary

Section 95(vi), Partnership Act 1958 states that unincorporated joint ventures make arrangements for profit 1. In addition, section 95(vii), of the act will permit the joint venture partner is authorised to do by or under this Part or the partnership agreement 2. Joint Venture Requirements 3 2. The ...

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1. Section 95(vi), Partnership Act 1958 states that unincorporated joint ventures make arrangements for profit1. In addition, section 95(vii), of the act will permit the joint venture partner is authorised to do by or under this Part or the partnership agreement2.

Joint Venture Requirements 3 2. The core elements of a joint venture can include (but are not limited to): 3. The number of parties participating 4. The scope of operation of the JV (geography, product, technology) 5. What and how much each party is directly contributing to the JV 6. The purpose of the JV 7. Initial contributions and the division of ownership of each member 8. The form of arrangements to be made after the agreement has been concluded 9. Initial contributions and the separation of ownership of each party 10. The type of agreements to be made after the agreement has been concluded 11. How the JV is being operated and managed 12. How the JV is to be managed

Partner Responsibilities’ of the Joint Venture 13. The legal responsibilities of the partners of the joint venture rely on the legal form of the joint venture. For example, the joint ventures formed have responsibilities under the Corporations Act 2001. Joint projects that take the form of a trust will incur the responsibilities of the trustees. In the case of unincorporated joint ventures, the responsibilities of the partners would primarily derive from the agreement between parties4.

1 Partnerships Act 1958 (Vic) section 95(vi) 2 Partnerships Act 1958 (Vic) section 95(vii) 3 LEGALVISION, ‘What’s the Difference Between Joint Ventures & Partnerships 4 Ibid...