Work With An Expert Joint Venture Accountant
Ever considered a Joint Venture setup? This is an agreement between two or more businesses or individuals who combine their resources to achieve a common goal. During the time the joint venture is operating the parties of that venture can still run their own businesses. Then once the specific purpose for which it was established has been completed, the agreement can be dissolved. The most common reason to run joint ventures is for large scale projects.
The Advantages of Starting a Joint Venture:
- Generally, there are two or more parties involved in the venture and the sharing of knowledge, expertise, contacts, and systems.
- Intellectual property of the companies and/or individuals involved may help to increase the venture’s profitability.
- Ownership of entities who are a part of the joint venture remains separate.
The Joint Venture Agreement
A written agreement or contract is the best way to establish a joint venture. This sets out the relationship between the parties of the joint venture. This contract will also define the profit and loss sharing arrangements. A handshake is acceptable if you are looking for an informal agreement, but BBAS Accounting Services recommends a formal agreement to eliminate any misunderstandings and to ensure that all parties are aware of their obligations and are accountable.
Experts in Joint Venture Accounting
BBAS Accounting is experienced in joint venture startup and we can advise you of the tax implementations, as they are different from that of a company or partnership. Our team of specialists know exactly how to set up a joint venture in Australia. We help clients nationwide with completing and lodging joint venture tax returns, establishing agreements, accurate record-keeping and compliance requirements associated with the joint venture agreement.
Need Help With Your Joint Venture Partnership?
Whether you need advice relating to your current joint venture partnership, considering a joint venture startup or are seeking an experienced joint venture accountant to assist with taxation and compliance, we can help you.
Please don’t hesitate to call us on (07) 3886 1652 to discuss your requirements. Alternatively, if you complete the online form below and we will contact you.
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