3/29/12: PARTNERSHIPS vs. JOINT VENTURES- Differences and Why You Should Know Which One You’re In!
IT’S TIME FOR…Legal Tweet Meet! Every Thursday from 8-9 pm EST, provided by Kendrick Law Practice (https://www.kendricklaw.net) #legaltweetmeet
I am your host for tonight’s show and Founder of KLP, @Dar’shun Kendrick. Thank you for joining us tonight for #legaltweetmeet.
Who’s checking in this evening?! If you are, mention us at let us know your location in Georgia for tonight’s #legaltweetmeet show!
The Title of Today’s Show is “Partnerships vs. Joint Ventures: Know the Difference!” #legaltweetmeet.
You will be able to ask questions AT THE END of the presentation so STAY TUNED! #legaltweetmeet
DISCLAIMER 1: KLP is only authorized to practice law in Georgia. Therefore, our advice is limited to the State of Georgia. #legaltweetmeet
DISCLAIMER 2: We only practice business law so we can’t help you with personal legal matters. Sorry L #legaltweetmeet
DISCLAIMER 3: These #legaltweetmeet Questions and Answers DO NOT create an attorney-client relationship.
PROCESS: Direct message a question and I will “tweet” the response without mentioning your name #legaltweetmeet
PROCESS: OR Mention @kendricklaw and ask your question and I will RT then immediately answer. #legaltweetmeet
The hashtag for our Legal Tweet Meet is #legaltweetmeet.
Be sure to join us on other social media for advice to help keep you “IN business and OUT of Court”. #legaltweetmeet
You can join us on Facebook at www.facebook.com/kendricklawpractice. #legaltweetmeet
You can join us on Twitter @kendricklaw (obviously). #legaltweetmeet
You can join us on LinkedIn at www.linkedin.com/in/darshunkendrick. #legaltweetmeet
You can participate in my weekly blog discussions at www.kendricklaw.wordpress.com. #legaltweetmeet
We are now on google plus! Join our circle at http://gplus.to/KendrickLawPractice. #legaltweetmeet
You can also listen to our monthly online radio show at www.blogtalkradio.com/kendricklawpractice so join us! #legaltweetmeet
Are you ready to learn some information to help keep you “IN business and OUT of Court”? Here we go! #legaltweetmeet
A lot of times people use partnerships and joint ventures interchangeably. And there is nothing inherently wrong with it. #legaltweet
However be aware that there are LEGAL differences between a partnership and a joint venture. #legaltweetmeet
A partnership, as you may remember from a previous #legaltweetmeet, means that the individuals are responsible for the business debts.
This is NOT the case if you have a pure joint venture which we will explain now. #legaltweetmeet
For a joint venture, think of the KFCs/Taco Bells that you have seen combining their space to provide fast food services. #legaltweetmeet
For a partnership, think of a traditional law firm with partners like Alston & Bird or Cisco and Ebert, the movie critiques. #legaltweemeet
It’s simple to start a general partnership in Georgia. Just start doing business with another organization or individual. #legaltweetmeet
But if you don’t want SHARED liability and SHARED profits and losses and SHARED privileges, make sure it’s a joint venture. #legaltweetmeet
There are numerous factors that are considered by Courts to determine if there is a partnership and not a joint venture. #legaltweetmeet
Courts look at the following to determine if there is a joint venture or partnership: (1) entity legal structure, #legaltweetmeet
(2) The written understanding between the parties (get a joint venture agreement) and (3) compensation/profit structure. #legaltweetmeet
(4) shared resources and staff, (5) goals and objectives and (6) length of time of project. #legaltweetmeet
In the end, there are going to be a number of other factors that will determine if you have a JOINT VENTURE or PARTNERSHIP. #legaltweetmeet
For more information on how to keep from creating a PARTNERSHIP (versus a joint venture), go to www.kendricklaw.wordpress.com. #legaltweetmeet
DISCUSSION QUESTION: What was the MOST interesting thing that you learned today about partnerships and joint ventures? #legaltweetmeet
ALRIGHT! Now it’s time for the 2nd half of #legaltweetmeet that is an OPEN FORUM to ask me any questions. #legaltweetmeet
Remember you can mention @kendricklaw or DM us for answers to your questions. #legaltweetmeet
Match your question number (Ex. Q5) to my answer number (Ex. A5). #legaltweetmeet
READY…SET….GO! How can KLP help you make or save money through competent legal and business advice and counseling? #legaltweetmeet
THANK YOU ALL for attending KLP’s Legal Tweet Meets. Join us next week and BRING A FRIEND for our #legaltweetmeet Thursday from 8-9 pm.
NEXT SHOW: April 5th– Join us with special guest <<>> as we discuss <<>>. #legaltweetmeet
Need a POWERFUL 30 minute business consultation, including legal advice? Visit http://www.kendricklaw.net/consultations #legaltweetmeet
We also offer MONTHLY legal plans to support your business. Visit http://www.kendricklaw.net/partnerships for more information! #legaltweetmeet
SIGN UP for our monthly enewsletter filled with company news, special promotions, business legal tips and articles at www.kendricklaw.net! #legaltweetmeet
KLP is here to keep you “IN business and OUT of Court” so visit us at https://www.kendricklaw.net for how! Good Night Everyone! #legaltweetmeet