What is a joint venture?

A joint venture is a formal agreement between two or more parties to work together to achieve a common business purpose. In corporate law, it is often used to undertake a major project or to enter a new market. In South Carolina, a joint venture must be established in writing and typically involves the parties pooling some of their resources, such as money, technology, or personnel, to jointly develop a product or service. In addition to the parties involved, a joint venture may include other third-parties, such as financiers or advisers. The parties involved in a joint venture must agree on important decisions, such as the purpose of the venture and how to share profits and losses. It is important to create a joint venture agreement that outlines the obligations of each party and the methods for resolving disputes. All members of the venture should also consult with their own advisors to verify that the terms of the joint venture are in their best interests.

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What is a joint venture?

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