{"id":2039,"date":"2022-01-20T00:45:25","date_gmt":"2022-01-20T00:45:25","guid":{"rendered":"https:\/\/uk.legalvision.com.au\/?p=2039"},"modified":"2025-07-02T00:42:02","modified_gmt":"2025-07-01T23:42:02","slug":"what-is-business-joint-venture","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/corporations\/what-is-business-joint-venture\/","title":{"rendered":"What is a Business Joint Venture in England and Wales?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Have you been approached by another business to start a joint venture? Joint ventures, commonly called JVs, are becoming more popular, particularly for commercial projects with large upfront capital requirements, because you can allocate the risk between two or more businesses. This article will set out an overview of what joint ventures are and why companies enter into them, how they are commonly structured, and the key legal considerations you should bear in mind when considering entering into a joint venture.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Defining a Joint Venture\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">There is no specific legal definition for a joint venture (&#8216;JV&#8217;) in England and Wales. Practically, it refers to any arrangement between two or more separate business entities entered into for some commercial reason.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">They can last for a specified period, or indefinitely, depending on the interests of both parties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As you might guess from such a broad definition, JVs can take numerous forms \u2014 ranging from the simple to the relatively complex.\u00a0<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span data-preserver-spaces=\"true\">Two real-world examples of JVs are:\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">the brewing companies&#8217; SABMiller plc and The Molson Coors Beverage Company&#8217;s agreement, announced in 2007 and on-going until 2014, to pool their resources to dominate the distribution of beer in North America; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Sony and Ericsson&#8217;s JV for the manufacturing and distribution of mobile phones beginning in 2001, which ended when Sony acquired Ericson and became Sony Mobile.\u00a0<\/span><\/li>\n<\/ul>\n<\/div>\n<h2><span data-preserver-spaces=\"true\">The Purpose of a JV<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Businesses enter into JVs for several reasons. For instance, JVs can help a business to:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\"><strong>save resources<\/strong>: rather than spend a substantial sum of capital on a project or undertaking, your business can share this expense with another;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>mitigate risk<\/strong>: depending on the terms of the agreement, your business can better allocate the risk of a venture according to the resources and needs of the other parties;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>access other resources<\/strong>: the other party to the JV may have certain proprietary resources like technology or intellectual property that your business can use under the terms of the JV; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>expand into new markets<\/strong>: JVs can be an efficient way for your business to move into another geographical region, produce or distribute new products, or move into different parts of the supply chain.\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">In many cases, a JV may be an alternative to a merger or acquisition (M&amp;A), where Business A buys Business B in exchange for paying the owners of Business B a valuable sum of money.\u00a0<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, 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Four main legal structures are used for joint ventures operating in England and Wales. They are:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">purely contractual arrangements;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">general partnerships (or limited partnership)s;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">limited liability partnerships (LLPs); and\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">limited liability companies (also called joint venture companies).\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Contractual Arrangements<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">This is the most basic form of JV as it is solely a contractual agreement. There is no partnership relationship between the parties, and the JV does not exist as its own separate legal person.\u00a0<\/span><span data-preserver-spaces=\"true\">Instead, you can only enforce the terms of the agreement against the contractual agreement, like with any other contract.<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span data-preserver-spaces=\"true\">Therefore, this structure is suitable for JVs where neither party wishes to assume the obligations that exceed mere contracts. For instance, they do not want to assume the obligations between partners or where a separate legal entity is created. <\/span><\/p>\n<\/div>\n<p><span data-preserver-spaces=\"true\">Consequently, this structure is suitable for smaller projects or those with a short duration, such as:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">certain kinds of property development and construction;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">natural resources exploration projects; or<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">where parties may make unequal contributions to the project or contribute to the project at different times.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">General and Limited Partnerships\u00a0<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">A partnership will automatically arise when two or more persons carry on a business in common to share in the profits and losses. This is the case both where the persons are natural people, like you and me, or large corporate entities like multinational companies.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Therefore, when entering into any agreement with another business, you must ensure that you take proper steps to either:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">avoid entering into a partnership, such as by merely agreeing to enter into a contractual agreement that excludes this possibility; or<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">expressly define the terms of the partnership.\u00a0<\/span><\/li>\n<\/ul>\n<div class=\"box box--warning box--icon\">\n<p><span data-preserver-spaces=\"true\">The risk you run in not doing either can be substantial. For example, suppose you commence some enterprise with another business (such as developing a piece of property) and later, a dispute arises. If a court holds a partnership was in place, the law will imply certain terms in the <em>Partnership Act 1890<\/em>, which can create wildly unintended consequences: such as either partner being liable for the other partner&#8217;s debts.<\/span><\/p>\n<\/div>\n<p><span data-preserver-spaces=\"true\">A well-drafted partnership agreement will ensure that both parties know their obligations and rights concerning each other. Therefore, you should always seek legal advice when considering entering into a JV with another business on a partnership basis.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One variation on a general partnership is the limited partnership, where one or more of the partners has limited liability for another partner&#8217;s debts. These are common for certain investment fund structures like private equity funds.\u00a0\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">LLPs<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">An LLP is a kind of partnership with its own legal personality, which is the main distinction between this and a general (or limited) partnership. <\/span><span data-preserver-spaces=\"true\">It will be governed by a partnership agreement.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">LLPs are common for JVs where the parties intend to operate together for an extended period. The JV can own property, assume debts, and otherwise limit the partners&#8217; liability.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">JV Companies\u00a0<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Like JVs structured through an LLP, a JV company is also a separate legal person.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One of the key advantages is that a limited company has share capital, leading to greater flexibility in setting out the voting and profit-sharing sharing rights of the parties to a JV. It can also make it easier for one party to sell its ownership to another party later.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Considerations When Entering into a JV<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Entering into a JV can entail considerable legal, financial, and strategic implications for your business.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some of the main items you may wish to consider include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">apportioning management of the JV itself with other parties;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">how any differences in the cultures of the different businesses may impact the JV;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">protecting particular intellectual property and proprietary technology that other parties may gain access to;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">to what extent your commercial objectives align and where they might diverge;\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">what will happen in the event of a dispute; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">how you will bring the JV to an end.<\/span><\/li>\n<\/ul>\n<h2><span data-preserver-spaces=\"true\">Key Takeaways\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">A joint venture, commonly known as a JV, refers to any commercial undertaking by two or more parties, usually where there is some degree of sharing in the profits and losses. They can last for any duration. There are four common business structures used to operate the JV:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">a contractual agreement<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">a general or limited partnership<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">a limited liability partnership; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">a JV company.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Regardless of the structure your business adopts, you should set out from the start the full extent of the terms of the JV to protect your business.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you need help negotiating the terms of a JV on behalf of your business, our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.uk\/corporate-lawyers-lp\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experienced corporate lawyers<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today at <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.uk\/membership\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">membership page<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Frequently Asked Questions\u00a0<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1642638686568\"><strong class=\"schema-faq-question\"><strong>What is a joint venture?<\/strong><\/strong> <p class=\"schema-faq-answer\">A joint venture, or JV, is any commercial undertaking involving two or more business entities for any duration of time for the purpose of sharing in the profits.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1642638694695\"><strong class=\"schema-faq-question\"><strong>What rights and obligations will I owe the other members of the JV?<\/strong><\/strong> <p class=\"schema-faq-answer\">This depends largely on the sort of JV structure you adopt.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/2039\" \/>            <input value=\"https:\/\/legalvision.co.uk\/corporations\/what-is-business-joint-venture\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What is a Business Joint Venture in England and Wales?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Have you been approached by another business to start a joint venture? Joint ventures, commonly called JVs, are becoming more popular, particularly for commercial projects with large upfront capital requirements, because you can allocate the risk between two or more businesses. This article will set out an overview of what joint ventures are and why<a href=\"https:\/\/legalvision.co.uk\/corporations\/what-is-business-joint-venture\/\">Continue reading <span class=\"sr-only\">&#8220;What is a Business Joint Venture in England and Wales?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13461,"featured_media":578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[28],"tags":[139,148,351,452,453],"class_list":["post-2039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporations","tag-limited-liability-partnership","tag-business-structure","tag-limited-liability-company","tag-joint-venture","tag-business-joint-venture"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Business Joint Venture in England and Wales? | LegalVision UK<\/title>\n<meta name=\"description\" content=\"Are you wondering what a business joint venture is? 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