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what's up guys devin here aka i got the keys today i wanted to discuss how to create a joint venture agreement i know a lot of us are coming across business opportunities where you need a joint venture agreement created to sort of discuss and stipulate who's a part of this particular project and how are the contributions and profits distributed i wanted to go ahead and create this really quick video on how to create a joint venture agreement of course guys if you like the video if you learned something new go ahead and press press that like button below and of course if you want more on business processes and real estate processes go ahead and press that subscribe button below let's get it all right let's get started so i'm gonna go ahead and share my screen here like so i'm gonna move my face down like always do make myself nice and big here oh looks like my computer is freezing up here we go boom bob all right so i went ahead and searched for um joint fisher venture agreement and for those of you who aren't aware of what a joint venture is basically it's where you uh you you make an agreement or some type of uh stipulation with you and a partner or partners stipulating that you are joined in the particular project that you have going on so in our case we have a real estate venture joint venture that i'm partnering with with others and therefore in addition to our purchase and sell agreements i want to go ahead and make a document indicating that hey on this specific property we have a joint venture which includes myself along with other partners so i typically like to use law depot law depot they have a lot of free documents that you can sort of utilize for business practices um i've i've created several other documents using law depot and i'm going to do the same for this joint venture agreement so let's go and get started it's going to be a really quick video i just want to show you guys hey you don't need you don't necessarily need to hire lawyers to do this this stuff for you so don't ever feel like you have to pay more to get a document drafted now by all means if you know you you go through law depot and you draft the document um maybe you know you can have a small consultation with a uh with an attorney uh who who could sort of read through it and find find ways to sort of critique it or change it so that it matches your particular business criteria but for the most part i think something like this should suffice so let's go and get started so i simply um uh googled how to create a joint venture agreement um i saw a lot of people offers theirs for free so i went ahead and took that option let's go ahead and continue forward and which industry does your business operate let's see professional services hmm i would say professional services so i'm going to go ahead and create my document here and this is this this is a general idea of what the document is going to look like here so it's pretty straightforward let's go ahead and get knocked out i like law depot specifically because they walk you through the process of creating the contract um so you don't have to necessarily do it manually however you can do it manually i think this just makes it better for folks like us who aren't helped to legal jargon to go ahead and go through this process with ease right okay so my place is business is in the state of georgia i'm gonna go ahead and save and continue um let's see contractor or general upon uh partnership so let's see what the difference is between the two um contractual joint venture is uh there's no pooling of profits or losses each member maintains a separate accounting records um there may be limited liability for each member provided the joint venture is not deemed a partnership there are no formal requirements or registrations for this requirement right um [Music] and then next is general partnership so a joint venture in the form of a general partnership may be needed where parties to uh are to agree uh rather the parties to an agreement carry on a business in common with the view to profit and where profits and losses are shared in this case the individual members may uh will have unlimited liability for the debts the debts and liabilities of the partnership and the actions taken by other members on behalf of the partnership so the partnership form of jet venture is uh primarily used for real estate ventures it is not used for business activities involving research or product development so this sounds like something that i should go ahead and select specifically because they also have in their faqs here that this particular part of joint venture is primarily used for real estate so it's sort of obvious we should go ahead and take this route so i'm going to go ahead and choose general partnership and continue right so for myself we're going to name this a property name so i'm going to say 3716 big springs road decatur georgia right that's the venture name actually i'm going to just change a few things here i'm going to change the address there put the adventure name there i'm just going to change this to uh 36 big stick big springs road right and continue forward our purpose of this venture is uh real estate investment project right i saw there in the example it said tall pines so i'll just mention that that this is a real estate investment project that's the purpose when will this venture start okay so i have to get technical with mine i'm just gonna go i'm just gonna put a fake date here i'm pretty sure i think we bought the property on uh let's say the fourth i'm gonna say the eighth this playstation and when will it end um on the occurrence of a specific event all right and that event being us actually exiting the deal and flipping the project what event will complete and terminate this venture i see the example it says completion completion and sale of the tall pines real estate development that sounds extremely uh similar to what i have going on so i'm going to say the same exact thing completion and sale of the big uh big springs road 3716 big springs road no i'll just leave it like that cool so oh no i went back ernie there we go yeah completion in cell of 37 3716 big springs road project boom save and continue remember information so let's see we're going to start with ourselves and i'll go ahead and create this part [Music] right all right so we slip ahead so i went ahead and created example names here just for the purpose of the video and i'm going to describe the contributions uh uh regarding their particular project so describe all contributions made by this member um so let's see i'm gonna put here uh since i think they all split the expenses um i'm going to say um all right so it costs 13.5 for that and then let's see it's gonna make up numbers here 13.5 so uh split of all expenses right or split all expenses that is a contribution towards project split all expenses with partners towards projects right cool what is the total value of this members contribution i'm just going to say 15 000 in general same goes for the rest of the partners on this deal boom 15. boom 15 right then save and continue forward describe the duties and obligations of each member for this particular job they don't really have to do anything other than uh pay for expenses to complete the project so pay for expenses uh to complete project copy that and pretty much say the same thing for everybody else [Music] all right so it says here uh how will your profit and losses be distributed equally we'll continue forward i say equally because that's uh that's pretty much how this particular venture works everybody split the expenses equally and therefore everybody is going to split the profits equally as well what weight will be given to each member's vote um i think this should be an equal vote for each member um and we'll have an annual or as required meetings uh i can't tell you how often for this particular venture we'll have meetings but anytime that i need to discuss something with the uh the partners i pretty much just shoot out a text or a call to them directly so there's really no telling when that would happen so i think that's required would probably be um the best for this particular uh item and save continue tax selections so this is do you wish to elect out the unified audit rules honestly i have no idea what this is so it says unified tax audit rules apply by default to any business entity which is taxed as a partnership in any given year they do not apply to contractor joint ventures just since it's not since this is not a contract role joint venture we're going to continue for these rules are designed to facilitate the irs in auditing attacks in large partnerships and joint ventures tax as partnerships as single entities joint ventures tax as partnerships which have 100 or fewer members and are not multi-tiered um are eligible to elect out of the application of the rules on an annual basis on the partnership return joint ventures which have elected out are not treated as taxable entities so the irs uh would have to audit each member individually okay so um honestly annually uh i'm going to leave this selected every year as possible and come back to this resources myself i'm probably even reach out to a lawyer or an attorney to sort of elaborate on this this portion of the joint venture because i don't think this is uh i need a little bit more information regarding this particular item before i actually download it i'll save it and research it prior to making my selection for tax selections and i recommend you all do the same moving on all right business management will be responsible for the management of the picture so a management committee board of director and one or more managers i'm gonna put myself down as the manager because i am indeed the manager of this particular venture [Music] sorry about that got a call or a text from my granite guy all right so i'm gonna go ahead and continue forward oh well you know what i have to put my partner um because she would probably hate me if i did not have her as a part of uh this particular portion there we go all right what member vote is required to dissolve your adventure i'm going to go i'm just i'm going to say unanimous vote i want everyone to sort of agree on this particular project as far as it comes to real estate because um everything is literally equal with the project so for you know one person can't have that sole discretion as far as making the uh as far as making the deciding uh decisions deciding factors how will assets be distributed on winding up adventure i'm just going to leave it as in proportion to capital contributions yeah continue awesome all right so um sell or assign member interest can the members sell their interest to a third party you're going to say no once you sign your contract with this that's dead if you leave you're out our members are allowed to participate in activities incoming confrontation with the venture sure why not there's a lot enough real estate out here for everybody so if you want to go do this yourself on another deal by all means do so all right confidentiality what matters relating to the venture be treated as confidential absolutely not anyone can know that uh you know that you're going through this process and i actually um i actually market the idea of us buying real estate so you can definitely um tell anyone as far as how the route goes but now that i think about it i do have my partner signed a confidentiality agreement so i'm gonna therefore say yes we have to sort of treat this as far as the lessons that i teach them as far as going through and flipping real estate i want that to be kept confidential so um we're gonna leave that on a one year time frame right this is really in depth and then in detail too i like how they attempt to explain certain things to you as well so let's see is there a dispute if there is a dispute will mediation arguation be preferred instead of legal action um [Music] yes let's go ahead and take that route prior to i don't want you know i want to sort of i'll be able to work things out in the event something does happen but uh you know we want to skip straight to legal action maybe a mediation would be a good route to take right additional clauses i don't have any additional clauses to add at this time but again i'm just going to save it for now in the event i do decide to come back and edit it nope all right and when will this agreement be signed uh i am unsure i'm gonna keep it unsure for now because i don't have a specific date for the for that particular uh signature um these don't have to be witnessed and i'm going to save continue and i think that should be the last step and so this pretty much wraps up the uh process as far as how to write your joint venture i hope this has given you a general idea of uh what it takes to get the joint picture done is very quick and simple you can do everything on law depot for yourself right and this is sort of what it looks like once you do complete the process right so then at this point you would select the license you'll choose the free the free option you do of course have to put a little bit of information in there such as your name and credit card info but you want to go ahead here's the secret to it guys you want to go ahead and make sure you cancel immediately after you download your copy so you'll put your information in then select cancel account cancel subscription as soon as you wrap it up all right guys that's all i had in regards to how to create a joint venture agreement as you notice as you saw it's an extremely straightforward process no you don't need to pay any money for this and you don't need a an attorney or a lawyer to do this for you either i hope this video was crystal clear for you go ahead and get some work done it's another reason why i have these videos created so i could sort of show everyone how simple it is to get started working for yourself and do a business for yourself of course guys if you like the video again press that like button below as always if you want more and in regards to business and real estate processes go ahead and hit that subscribe button below for more all right guys i'll see you next time let's get it