How to Get Started with Joint Ventures in Chicago
Starting a joint venture in the Chicago area can be a daunting task, especially when considering the legalities involved2 min read
Starting a joint venture in the Chicago area can be a daunting task, especially when considering the legalities involved. Luckily, there are resources available that can work with entrepreneurs on the formation of the joint venture including seeking counsel who understand local regulations. Many executives in the corporate world are turning to online legal service providers, such as UpCounsel, to give them access to experienced business lawyers who can help guide them through the process.
A joint venture is a type of business agreement between two or more companies, with the intention of bringing in new opportunities and revenue. Every venture, however, is different and requires careful consideration by all involved and an understanding of local laws. This means that an entrepreneur needs to hire an experienced lawyer who is locally based and proficient in joint venture agreements.
UpCounsel is a legal marketplace with a network of highly experienced attorneys. Their lawyer profiles display ratings and reviews for each attorney to make it easy to evaluate who will best meet the need of the venture. Here, entrepreneurs in Chicago are able to quickly and easily hire the perfect attorney who understands local regulations to help form their joint venture agreement.
To start, the entrepreneur will need to fill out a questionnaire that details the specifics of their joint venture needs. As part of the questionairre, the entrepreneur can provide more specifics for their venture such as, the expected timeline for the venture, the expected size and scope of the venture, and the details of both parties’ expectations.
Once the questionnaire is completed, UpCounsel will provide the entrepreneur with a listing of potential lawyers who specialize in this type of venture. Alternatively, the entrepreneur can browse the lawyer profiles on their own. UpCounsel’s lawyer profiles provide information such as, years of experience, practice areas, and areas of expertise, providing entrepreneurs with a good understanding of the lawyer’s roster of skills.
Once the lawyer has been selected, they will help the business writing and negotiating the joint venture, ensuring that it is legally compliant and all parties are on the same page. They will also be able to provide additional assistance if or when the joint venture needs to be terminated or whether the venture can be amended through alterations or renegotiations.
By working with an experienced attorney, entrepreneurs in Chicago can ensure that their joint venture is legally binding and that all parties involved understand and are aware of each other’s expectations. By having these agreements in writing, all parties are protected in the event of a dispute.
Whether you are a new business or an established firm, UpCounsel will be able to provide you with competent and experienced attorneys to help you create and maintain a legally secure and profitable joint venture.