In California, business enterprises can take many forms (LLCs, corporations, partnerships, etc.). But perhaps the most unique is the “joint venture,” a special entity that, more often than not, is imposed by courts as a matter of law. This is because a joint venture is simply an “undertaking by two or more persons jointly to carry out a single business enterprise for profit.” (Unruh-Haxton v. Regents of University of California (2008) 162 Cal.App.4th 343, 370.)
Joint ventures can be thought of as informal general partnerships, lacking the formalities of partnership agreements and usually lasting for a shorter duration. That said, they nonetheless carry the same fiduciary duties and responsibilities associated with partnerships in California. Moreover, the statutes within the Revised Uniform Partnership Act apply with equal force to both types of entities. (Chambers v. Kay (2002) 29 Cal.4th 142, 151.)
At Underwood Law Firm, our attorneys are well-versed in the law behind joint ventures and partnerships, particularly as these entities relate to real estate projects. With our skills, we stand ready to help all of our clients achieve their litigation goals.