Companies Letting You Go Earlier On Contract Job Site Www.Indeed.Com The Advantages And Disadvantages Of Joint Ventures

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The Advantages And Disadvantages Of Joint Ventures

What is the definition of a joint venture? It is a business alliance between at least two companies with the purpose of achieving a common goal, allowing companies to cooperate and develop their strengths. A joint venture is legally formed by the signing of a partnership agreement in which the rights and obligations of each party are clearly written down.

For example let’s say your company has a specialty, such as the design of websites. To cope with the amount of business orders you have to keep hiring new people, sub-contract resource or outsource completely. In this situation, you may consider that it would be a better business proposition to joint venture with one of your subcontractors or outsource companies, but you need to consider the advantages and disadvantages of doing so.

Benefits of joint ventures

This type of strategic alliance between businesses has several advantages, which can include the pursuit of the same goal by partners, which remain separate entities despite the partnership, access to a market outside of your industry, the sharing of resources, achieving broader mandates without having to bear the costs of a multidisciplinary team, and may even extend to providing a solution to financial difficulties either of the partner companies may face

The liability of partners

As the concept of joint ventures is not defined in the Civil Code of United States the courts do not appear to have accepted that this entity is a creative partnership where the liability of members is limited. However, you can overcome this shortcoming by including appropriate provisions to that effect within the joint venture agreement.

Distinction with outsourcing

By definition, this is unrelated to sub-contracting. Indeed, outsourcing creates a relationship of contractor and client, each entirely separate from each other without any aspect of sharing whatsoever, and one party has control over the other in the business relationship. In stark contrast, these ventures are a sharing by the partners of their complementary strengths and contributions so that they can pursue the same goal and are equal and independent partners.

Disadvantages of joint ventures

What are the disadvantages, as each coin has a reverse? The disadvantages include:

  • If the contract is poorly drafted, the liability of partners for work performed and debts incurred as part of the venture could become the liabilities of partners
  • There is legal uncertainty around this concept in the United States
  • Possible loss of control of the project (subject to the terms specified in the contract, you’re not alone in directing and each partner generally has a say on the activities of the venture).

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