Joint Venture Termination Laws

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What is Joint Venture Termination?

Joint venture termination, or dissolution of joint venture, is the process in which a joint venture is ended.  Termination of a joint venture can happen for a number of reasons.  Some of the more common situations in which a joint venture operation can be terminated include:

Also, if the joint venture was created to fulfill a specific purpose (such as meeting a sales goal), then the joint venture may terminate upon completion of the purpose.  Or, if it is no longer practicable to pursue the purpose, the joint venture may terminate at the point when it becomes impracticable to continue operations.

How Can the Parties Terminate the Venture?

If the parties to a joint venture desire to terminate the venture, there are several requirements to be followed in order to make the termination legal.  While these specific requirements may vary slightly by jurisdiction, they usually include:

What is Judicial Dissolution of a Joint Venture?

In some cases, termination or dissolution of a joint venture can come about not by the agreement of the parties, but by order of a court.  According to various laws, courts may grant judicial dissolution based on different grounds, including:

Thus, judicial dissolution may be ordered even if the joint venture members don’t agree with the decision, or are not yet ready to end the operations.  This is why it’s important for the parties to cooperate with one another and to have an understanding of joint venture termination laws.   

Do I Need a Lawyer for Help With Joint Venture Termination Laws?

Joint ventures can often be major, complex business enterprises.  Because they may involve several different parties, even smaller joint venture projects will require the assistance of a qualified business lawyer.  If you need assistance with joint venture laws, especially those governing termination and dissolution, it’s in your best interests to hire an experienced business attorney.  Your lawyer can help review the joint venture agreement, and can represent you in court during the proceedings.

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Last Modified: 08-23-2012 11:43 AM PDT

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