Are there any restrictions on the duration of a joint venture?

Yes, there are restrictions on the duration of a joint venture in California. Generally speaking, the duration of joint ventures in California must not exceed ten (10) years. If either of the parties involved in the venture wish to extend it beyond ten (10) years, they must obtain written approval from the California Department of Business Oversight. Furthermore, when two or more parties enter into a joint venture in California, it must be memorialized in a written agreement that is filed with the Secretary of State. Generally speaking, this written agreement must include the purpose and term of the joint venture. If the parties agree to extend the joint venture beyond the originally agreed-upon period, it is recommended that they execute an amended agreement. This amended agreement should include the new length of the agreement and be filed with the Secretary of State. It is important to note that California may impose additional restrictions on the duration of joint ventures. Additionally, the terms of the joint venture agreement between the parties may further limit the duration of the joint venture. Therefore, it is essential that all parties to the joint venture consult with an attorney to ensure that the agreement is compliant with all relevant laws and regulations in California.

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Are there any restrictions on the duration of a joint venture?

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