When entering into any joint venture or partnership, there are several key factors that must be taken into consideration, especially when the venture is located in the city of Chicago. When partnering with another party, it is essential to be familiar with the local laws, regulations, and business practices, in order to ensure the joint venture is successful. Here are the top five things to consider when entering a joint venture in Chicago.

1. Consider the Potential Benefits and Drawbacks

When considering a business partnership, it’s essential to understand the potential benefits and drawbacks that can arise. It’s important to carefully weigh the potential benefits against any short and long-term risks. This includes assessing any logistical, financial, and legal issues that may arise should the partnership not run smoothly. Potential benefits of a joint venture include access to new products, markets, and technologies, as well as risk sharing and cost savings.

2. Prepare an Action Plan

Creating an action plan is an important step in any joint venture. The plan should include clear goals and objectives, as well as a timeline for reaching these goals. It is important to include milestones that can be tracked in order to ensure the joint venture is making progress. The plan should also address any contingencies for the venture, should the objectives not be met.

3. Familiarize Yourself with Local Regulations and Laws

There are a variety of local regulations and laws that must be considered when entering a joint venture in Chicago. This includes city and state taxation regulations, as well as labor laws and other applicable regulations. It is important to familiarize yourself with these regulations in order to ensure that the venture is compliant. A local attorney can provide counsel and assistance in understanding and abiding by the local laws and regulations.

4. Choose Partners Carefully

In a joint venture, selecting the right partners can be the difference between success and failure. It is essential to thoroughly review potential partners’ track records and experience in the city. Additionally, it is important to review any applicable laws and regulations, to ensure that the partners’ business practices are in compliance.

5. Get Independent Legal Counsel

Getting independent legal counsel is an essential step when entering into any joint venture. An experienced attorney can provide assistance creating the joint venture agreement. The agreement should include clear responsibilities, expectations, and any applicable laws or regulations. In addition, an impartial lawyer can provide key advice and insight into the venture, helping the parties prepare for any potential issues or disputes that may arise.

For businesses in Chicago looking for experienced legal counsel in matters related to joint venture partnerships, UpCounsel offers a network of experienced lawyers that understand local regulations. Their attorneys have an average of 14 years of experience, and their profiles display ratings and reviews for their recent client work.


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