Joint Venture in Florida
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What is a Joint Venture?
In Florida, when two or more entrepreneurs pool their expertise and capital to profit from a specific business opportunity the court will likely label the business entity a joint venture.
Under Florida law, each partner to a joint venture owes a duty of care and a duty of loyalty to the joint venture. Within duty of loyalty is a fiduciary duty of the “finest and highest loyalty” to every other partner.
However, most people do not understand what a fiduciary duty entails. Many joint ventures end in a legal battle because the parties didn’t take the time to anticipate potential problems at the start, and memorialize their agreement in a properly drafted and binding joint venture agreement.
We understand that it may be difficult to broach the subject of a written joint venture agreement when your fellow venturer is a close friend or relative. However, a well written joint venture agreement is actually for both of your protection. A comprehensive JVA can help partners understand what the duty of loyalty means as it relates to their joint venture and cause great pause before doing anything that would breach that duty. In the event a partner acts illegally or unethically, the parties should be able to refer to the JVA to determine how to resolve the matter.
The Advantage of Choosing the Right Business Structure in Florida
By carefully choosing the right business structure, you can limit your personal liability, take advantage of tax opportunities, and rest easy knowing that your company has set forth clear instructions on acceptable and efficient operation.
Our Florida business attorneys can help you choose the right business entity by listening to your concerns. We will also raise necessary considerations that you may not have considered. Most importantly, our florida business lawyers will relieve the burden of organizing, drafting, and filing the proper documents with the state.
We understand the challenge of properly structuring a business because like you, we’re business people.
We also happen to be Florida Transactional and Business Law Attorneys.
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Our Florida transactional law lawyers serve clients in Palm Beach County, Broward County, Miami Dade County, and most other Florida cities and counties.
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