Expect the unexpected - Address potential conflict at the front end when forming your joint venture
By Elizabeth G. Yeargin on September 01, 2015
As writen in the September 2015 Smart Business News Magazine
By Elizabeth G. Yeargin, Attorney, Corporate & Securities practice group, Brouse McDowell, LPA
Opportunity abounds when the initial plans to form a joint venture are being drafted. You see numerous opportunities that the new partnership will be a boon to everyone involved.
It is during this time of great camaraderie that you should take a few moments to spell out in clear legal terms what actions would be taken if the joint venture doesn't go according to plan, says Elizabeth G. Yeargin, a Partner at Brouse McDowell.
"You want language in your agreement that will encourage you to keep working together rather than give up if you have difficulties," she says. "Some companies take the chance that things will work out and obviously, you hope that it does. But if it doesn't, you end up fighting it out, often in court. That's not the goal."
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