What are the duties of the parties to a joint venture?

The parties to a joint venture in Connecticut have certain duties that they must fulfill. Generally, the parties must enter into an agreement that outlines who is responsible for what in the venture. This agreement must include how profits and losses will be allocated and the division of labor. All parties must abide by the agreement and perform their duties as outlined. This may include making contributions of money or other resources, providing services, and managing the venture. The venture can be managed by one of the parties, a designated third party, or jointly by all parties. The parties must also consult each other before making any decisions that will impact the venture, and abide by any decisions that are made. This requires communication and cooperation between the parties. Additionally, parties to a joint venture must keep records of the joint venture, including documents related to the venture, financial statements, and tax returns. The joint venture must also have a designated bank account to be used exclusively by the venture. Finally, if one party fails to fulfill their duties, the other party or parties may bring a lawsuit to seek remedies or damages. The agreement will dictate the remedies available, which could include requiring the non-performing party to fulfill their duties, paying damages, or dissolving the venture.

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What are the duties of the parties to a joint venture?

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