How do I protect myself from a partner in a joint venture?

Protecting yourself from a partner in a joint venture in Washington starts with a well-written joint venture agreement. It should address the rights and responsibilities of each partner, and outline how money, property, and other assets will be allocated. The agreement should also include a dispute resolution provision, which outlines how disputes between the partners should be resolved. Additionally, you should consider incorporating the joint venture. Incorporating offers several benefits, including limited liability protection. If something goes wrong with the joint venture, you and your partner will not be held personally liable. It is also important to keep accurate records of all transactions. Make sure to document any agreements made with your partner in writing. This will be important in case of a dispute and can serve as evidence in court if needed. Finally, you should consider having a lawyer review your joint venture agreement for any potential legal issues, such as ambiguous language that could be interpreted differently or omissions that could lead to misunderstanding or disputes. By taking these steps before entering a joint venture, you can help protect yourself and your assets.

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How do I protect myself from a partner in a joint venture?

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