Protecting your personal interests in a joint venture requires experienced San Diego business attorneys. Businesses are sprouting of all over the place. With the ease of personal computers and online banking, the steps needed to build a business are becoming less arduous. Sites like YouTube have helped everyday people with a video camera to become paid online celebrities. Some people even collaborate together and work as a group to create content for distribution across multiple platforms. However, with joint ventures like these popping up everyday, it is important to make sure you are protecting yourself, your finances, and ultimately your intellectual property.
A joint venture is a contractual business project between two or more parties. This differs from a business partnership as a joint venture involves a single business transaction not an ongoing relationship. However, the process of forming a business partnership has similar proceedings. Your interests in a joint venture must separate your personal assets or business entity from the liabilities which might arise from the venture itself.
When embarking on a joint venture you want to make sure that your personal assets are not affected by your business investments. Various events could occur in a business transaction and you want to be sure that your family and home are safe. Various liabilities involving employees, products, premises, and other commercial involvements could occur and it’s best to be prepared. If your personal assets are not properly separated and protected, they could be used to compensate for business fallout should it occur.
How do I prepare?
It’s best to meet with Watkins Firm’s experienced business attorneys and plan out your venture before agreeing to anything. We will help you to understand the best strategies for structuring the joint venture, the nature of the product of the joint venture and who or what entity will own this intellectual property and how to structure the transaction to maximize your business interests. We invite you to contact the Watkins Firm or give us a call at 858-535-1511 to learn more.