A joint venture is a short-term partnership in which all parties contribute assets and share risks. You can also form joint ventures to gain a mutual profit from any type of business and can include individuals, groups and other companies as members.

Forming a joint venture is a popular business strategy used to help domestic companies build a business presence in foreign markets. Generally, to do this, a domestic company or group of domestic investors will join relationships and technologies with a foreign corporation or group of investors. In the United States, a joint venture is state-regulated. Consider the following tips before engaging in a joint venture:

1. Research pros and cons of participating in a joint venture.

2. Seek counsel on legal implications of a joint venture.

3. Find joint venture contracts and legal documents.

Action Steps
The best contacts and resources to help you get it done

Determine if a joint venture is right for you

A joint venture is a strategic partnership in which investors share not only profits, but also intellectual property, assets, business relationships, resources and risks. As a small business, it's important that you only consider joint venture contracts that will help you gain more market share and become more competitive.

I recommend: Check out PartnerUp to post your business needs and to find partners for joint ventures. You can also join a variety of pre-existing industry-based joint ventures. For example, DMI Transitions provides assistance to businesses looking to participate in joint ventures in the health care sector.

Get advice on a joint venture list of do's and don'ts from an attorney

As a result of shared profits, assets and risks, a joint venture can significantly build or tear down your company. To decrease liability, your joint venture contract should spell out all tangible and intangible items that you would share, as a result of the joint venture relationship. Consult with an experienced attorney or joint venture provider for additional requirements specific to your state.

I recommend: Check out Lawyers.com to find a business attorney in your area to advise you on your participation in a joint venture. You can also visit LegalMatch to find a joint venture attorney to answer all of your questions about the legal implications of a joint venture contract.

Download joint venture information kits and contracts online

While a joint venture is a partnership, it's different from other business arrangements in that it involves a series of projects or one particular business transaction. Most joint ventures aren't long-term relationships. You can find joint venture contracts online from a range of joint venture providers.

I recommend: Download a joint venture legal form from Internet Legal Research Group. You can also visit LawDepot to download a legal partnership agreement form.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Building a successful joint venture won't take a great deal of money, but it will require extensive planning and searching for the right partner or partners with which you can form a mutually beneficial relationship.