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Joint
Venture
Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
Click HERE for more information on Joint Ventures and Taxation.
A
Joint Venture is sometimes confused with a
partnership.
The two structures share many traits. However, where a partnership shares
resources under a continuing relationship between the partners, a joint venture
is not a separate legal entity and usually entails a bringing together of
resources for a specific purpose with a limited life. The joint venturers retain
ownership of each party’s contributed resources. No separate legal entity is
created when a joint venture is formed, the joint venturers are in fact the only
legal entities involved. From an income tax perspective, income is taxed in the
joint venturer's hands. Joint ventures are common where two or more business
entities have separate but complementary skills or resources which are brought
together in a symbiotic relationship. Advantages
Disadvantages
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