July 29, 2014
Joint Ventures (§§ 103:1 et seq.) provides detailed coverage of the formation, management and termination of joint ventures. For attorneys that need to move quickly in counseling their clients about joint ventures, we have created a practice toolkit that includes a library of checklists beginning with a transaction checklist that can be used in negotiating and drafting the documentation for use in a corporate joint venture arrangement. See Specialty Form at § 103:22. Additional checklists may be useful for certain aspects of forming and organizing a joint venture including a checklist that covers various legal issues as well as key provisions in the joint venture documentation. See Specialty Form at § 103:22.10.
It is also useful to have a checklist of the key matters to consider when drafting a shareholders’ or partnership agreement to be sure that nothing is missed during the process of negotiating and finalizing that important document. See Specialty Form at § 103:22.20. Counsel may also want to prepare a checklist for closing procedures. See Specialty Form at § 103:22.30. In addition, when considering what type of legal entity to choose for a joint venture a checklist that covers each of the key factors, and differences among the potential entity choices (i.e., partnerships, corporations and limited liability companies), can be a useful tool to refer to when talking to clients. See Specialty Form at § 103:22.40.
Checklists are also helpful in drafting management and operational provisions (see Specialty Form at § 103:22.50) and for planning on how to terminate the joint venture (see Specialty Form at § 103:22.60).