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A joint venture or JV is a type of business partnering in which two or more businesses work together to achieve a common goal It is the combined effort from each party for mutual benefit A joint venture agreement can be specific to a project and it can help cement the business relationship between the parties before the project begins Theres been a rise in the number of JVs with the introduction of the Commonwealth Governments Indigenous Procurement Policy Indigenous businesses should ensure that they have strong foundations for their partnership enshrined in a written joint venture agreement There are some key legal issues that a business should consider when entering into a JV Firstly, what legal form will the JV take? A JV can take the form of an unincorporated joint venture, or an incorporated joint-venture The purpose of the JV should be clearly listed The contribution of each JV partner should be listed and what their responsibilites are The share percentage of the ownership of
