I've been managing a small property development joint venture for the last 12 months and it is now coming to an end. I haven't done any research on what happens when it's all over. How is it terminated or dissolved?
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Answer by LegalEagle™ staff, Northcote VIC 3070
- Like any contractual agreement a joint venture is terminated upon the achievement of the purpose or completion of the project.
- Your joint venture can be terminated by drafting a final agreement stating that the joint venture is terminated. The final agreement may also identify the respective shares of each of you.
- Once the joint venture is terminated your relationship with other participants ceases.