You can use LawDepot’s Joint Venture Agreement template to create either a contractual joint venture or a general partnership.
Contractual Joint Venture
A contractual joint venture is when two separate businesses sign an agreement that outlines their common purpose and how they’ll work together.
Although they have a common goal, the parties operate separately and don’t pool profits or losses. Each party keeps its accounting records separate and there are no registration requirements.
General Partnership
A joint venture in the form of a general partnership is when the partners agree to share in the profits and losses from the project. Each party is jointly and severally liable for the obligations of the partnership.
This type of joint venture is popular with real estate ventures (e.g., between a land owner and a developer).
Keep in mind that a joint venture is typically limited in scope and time. The relationship ends once the parties achieve their goal (or once the contract end date passes). Use a Partnership Agreement to create a contract that continues for as long as you want to be in business.