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!



IT’S TIME FOR…Legal Tweet Meet! Every Thursday from 8-9 pm EST, provided by Kendrick Law Practice ( #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


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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 #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


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KLP is here to keep you “IN business and OUT of Court” so visit us at for how! Good Night Everyone! #legaltweetmeet


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