Business Partnerships and Joint Ventures

In Western Australia, a business partnership is governed by special laws based on the Partnerships Act 1895. Fragment 7(1) of the Act describes a partnership as “the association which exists between two or more individuals engaged in a business in an equivalent manner from a benefit point of view”. What’s more, part 7(2) of the Act states that “While having to choose as to whether an association holds validity or not for a particular case, the court must be granted access to the certified business contract and the terms of partnership of the concerned parties”.

An experienced Joint Venture Agreement Lawyer in Perth can provide all the clarifications you need with respect to partnerships and other business associations. The broad guidelines that hold true for such associations are the following:

  • A business association does not hold an identity like an organization and is addressed by its individual partners.
  • In a business partnership or association, all the partners hold equal voting rights for appointments and other binding matters.
  • The partners have an endless joint commitment and responsibility towards all liabilities of the affiliation.
  • In some instances, the partners may choose to split the benefits or profits subject to specific clauses mentioned in the agreement. Under all other conditions, each partner take a share equal to the duty that they perform for the business association.

There are various terms and conditions that govern a Business Partnership Agreement. The multiple rules and regulations of an agreement have to be followed in all instances. Some of them include:

  • The terms of propriety related to the partnership should be clear and precise.
  • The objectives of the partnership should be discussed beforehand and understood in its entirety by all affiliated partners
  • A declaration or a draft should me made for terms of exchange of business between third parties.
  • A civil case or argument between the partners should be decided in a court of law
  • Any action that is brought against the concerned parties in the affiliation should have a clear intent of purpose.

For more information and legal advice on business partnerships and joint ventures, please feel free to get in touch with our excellent team of affordable and cheap business lawyers in Perth. You can be assured we will help you reach a satisfactory conclusion in any case.

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