There is no doubt that two (or many) heads are better than one when it comes to tackling a business project. Teaming up with others in a partnership or joint venture can provide the skills, enthusiasm, resources and capital to turbo charge your own individual efforts. And while it’s stimulating to discuss joint goals you might be less enthusiastic about discussing the practicalities of working together. We take a look at the questions you really need to answer before embarking on that new venture.
In Australia there are two main types of property ownership – we explore the legal differences between Joint Tenants and Tenants in Common so that you can choose the right arrangement for your investment needs.Read more
It might seem very basic, but it is vital to get the names of the entities or “parties” correct when drafting a legal document. Stating the parties formally and accurately gives you certainty that there can be NO question about the parties’ intentions later, especially if the particulars are changed or forgotten. We look at the different types of “parties” and the correct way to record the information.
Teaming up with other investors is a smart way of entering the property market. We look at the fundamentals of property co-ownership and address the common questions.
Purchasing a large piece of machinery or equipment like a boat, yacht or aircraft can be expensive. But it may not be out of reach if you can team up with a group of like minded investors who share your dream. As with most ventures the best way to achieve success is by planning for it. We look at the issues that need to be considered when entering into a co-ownership arrangement.
If you own and operate a business with others, have you considered what might happen if one of your partners died or were otherwise incapacitated? A Buy Sell Agreement allows you to plan for such unexpected events so you can safeguard your future.
Teaming up with family or friends to invest in property can be an astute financial move as long as you work out a plan for the potential pitfalls.
Exit strategy clauses are like a fire a fire escape. They give you a way out of potentially damaging relationship or venture and just like in real life, your fire escape needs to be included when the building is planned and constructed. That is, you need to consider your exit strategy before you enter into the venture.