What happens to joint venture assets when a joint venture is dissolved?

When a joint venture is dissolved in Oklahoma, the assets owned by the joint venture must be distributed among the venturers. In order to do this, the venturers must first figure out who owns what assets. To do this, they must determine whether the assets were owned privately by one of the venturers before the joint venture was formed, or whether the assets were purchased or created as part of the venture. Once the ownership of the assets is established, the venturers must come to a mutual agreement about how the assets should be distributed. Typically, they will divide the assets in equal shares among themselves, although they may also agree to divide the assets in other ways if it makes sense for their situation. The venturers will also need to decide how to settle any debts that the joint venture acquired while it was active. This often means that the venturers will each have to contribute a portion of the money needed to pay off the debts. Once all of the liabilities and assets have been taken care of, the venturers can disperse the remaining assets according to their agreement. This includes cash, property, vehicles, or other shared items that they will need to divide up in order for the joint venture to be dissolved.

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What happens to joint venture assets when a joint venture is dissolved?

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