Originally from:
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Hardcover
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Electronic
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CHAPTER 4
JOINT VENTURES
Section
§ 4.01 Definition
§ 4.02 General Description of Joint Ventures
§ 4.03 Minnesota Law Regarding Joint Ventures
§ 4.04 Joint Venture Tax Considerations
§ 4.05 Advantages and Disadvantages of the Joint Venture Form of Business
Organization
§ 4.06 A Brief View of International Joint Ventures
§ 4.07 —C Corporations
§ 4.08 —Subchapter S Corporations
§ 4.09 —Limited Liability Companies
§ 4.01 Definition
A joint venture is a special type of general partnership. Two or more
persons, or entities, or combinations thereof, join forces and participate
in a transaction for profit. Unlike the general partnership, however, the
joint venture is formed with one particular goal, rather than for an
ongoing business. This Chapter begins with a general description of the
joint venture. The impact of Minnesota’s laws on the joint venture is
examined next. This Chapter continues with tax considerations for those
considering whether the joint venture form of organization is appropriate
for their purposes. Finally, a brief review of some basic rules of
operation of international joint ventures is provided at this stage;
Chapters 33 and 87 provide a more thorough treatment of this
increasingly important aspect of joint ventures.
§ 4.02 General Description of Joint Ventures
A joint venture is an association of two or more persons1 for a single,
particular, business undertaking for profit.2 Joint ventures are formed to
Roger J. Magnuson is a Partner at Dorsey and Whitney, LLP, where he serves as Head of the National Strategic Litigation Group and has practiced since 1973. He has been recognized as one of the top trial lawyers in the United States by major national and international publications, including Chambers International Guide to American Lawyers, which profiles the top 500 trial lawyers in the United States, Best Lawyers in America, Who's Who in American Law, and Who's Who in America. Mr. Magnuson was also recognized by a Journal of Law and Politics' survey for Judge's Choice "Wins Most Cases."
Some high profile cases that he has litigated include representation of the Florida Senate in the Bush v. Gore election controversy in 2000; and representation of the Plaintiffs in the widely publicized and studied Mall of America case. For several years he has represented, among other persons and entities, the Minnesota Twins and Major League Baseball principals and players in litigation; and has litigated national and local cases in federal and state court venues. He has appealed before the Supreme Court in a number of cases; as well as the Minnesota Supreme Court. He has authored several articles and 7 books.
Richard A. Saliterman is a Principal in Saliternan & Siefferman P.C., a full-service firm in Minneapolis established in 1976. Mr. Saliterman is a leading expert on corporate business matters, and is the author of several publications on business start-ups, franchises, and trademarks. Mr. Saliterman is the former National Judge Advocate for the U.S. Navy League, based in Washington D.C.
Contributing Editor:
Amanda Chang
Contributing Authors:
Alecia Anderson
Seth Back
John Baker
Shannon Berg
Constatin Burachek
Benjamin Carpenter
Ryan Check
Carl Christensen
Peter Fear
Michael Frasier
Aaron Hall
Catherine Hanson
Paul Harman
Amy Ithlan
Michael Kern
Chris Kuhlman
Brett Larson
Joshua Lederman
Karen Lundquist
James Magnuson
Jennifer Mead
Rao Menier
Heidi Miller
Rachael Moxon
Oliver Nelson
Scott Peitzer
Mitchell Skinner
Jonathan Stechmann
Lael Weinberger
Jonathan Wilson
Alex Zumbulyadis