I am in search of a joint venture agreement for (2) LLC companies relative to residential construction. We are preparing to construct a new residential town home.
You really need to retain an attorney for this one. For others viewers, a joint venture is when two or more companies join together on a specifiic transaction. In this case, two limited liability companies are working together on the construction of a residential property, in this case a townhome. Terms of the agreement would have to reflect the nuances of your deal which could be vastly different if it was a simpler renovation of an existing single rental townhome, or a major project consisting of many townhomes. Are there zoning or other changes that have to be in place before construction commences? Is one of you putting up more money or a guarantee? Who is responsible for construction? Is there a budget? If you each (i.e., each co-venturer) bring a different skill set to the deal, are there to be special allocations of profits based on the performance of each of you? Trying to use a "standard" form when there could be so many nuances could be disastrous.
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