Legal Tweet Meet Show (3/29): Partnerships vs. Joint Venture- Differences and Why You Should Know Which One You Are In!

3/29/12: PARTNERSHIPS vs. JOINT VENTURES- Differences and Why You Should Know Which One You’re In!

 

BEGINNING

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

 

The Show

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

 

PRE-ENDING

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

 

END

 

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

 

JOIN US on Facebook- www.facebook.com/kendricklawpractice, BlogTalkRadio-www.blogtalkradio.com/kendricklawpractice #legaltweetmeet

 

JOIN US on LinkedIn- http://www.linkedin.com/in/darshunkendrick and our weekly blog- http://www.kendricklaw.wordpress.com #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

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