Wilson Law Group P.C.

Board Certified Texas Attorney

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Wilson Legal Group P.C.
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
Telephone: 972-248-8080

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Practice Areas - Complex Litigation

Corporate Law - Joint Ventures

Similar to general partnerships, joint ventures most commonly form where two people or business entities join to accomplish a limited purpose; in essence, joint ventures can be considered short term partnerships.  The persons comprising the joint venture mutually assume a transaction for joint gain and share both assets and risks.  The short term nature of the joint venture creates some advantages and disadvantages over a general partnership.  On the one hand with a shorter time frame and more focused purpose, it is more difficult for unintended liabilities to be incurred if the joint venture is conducted properly.  However, because the joint venture is, in essence, a partnership, it is subjuect to the same liability risks, which may be overlooked when everything is conducted in the name of a joint venture.  Nonetheless, such liability risks can largely be avoided if the joint venture is properly formed with clear purpose and firm guidelines.  For this reason, the skills of an experienced attorney, knowledgeable in the common and likely pitfalls that a joint venture may face, is invaluable to the formation and operation of the joint venture.