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The ideal business partner in a joint venture is one that has resources, skills and assets that complement your own. The joint venture has to work contractually, but there should also be a good fit between the cultures of the two organisations.
A good starting place is to assess the suitability of existing customers and suppliers with whom you already have a long-term relationship. You could also think about your competitors or other professional associates.
When assessing the suitability of partners, you generally need to consider the following:
Consider carefully how you will plan your joint venture relationship with a potential partner.
IWhen looking at new potential partners, you should carry out some basic due diligence checks. Start by examining their legal status and making sure that they have the right to enter the joint venture. You should also ask yourself:
You can carry out a check on a company by using Companies House WebCHeck service.
Before you consider signing up for a joint venture, it's important to protect your own interests. You can draw up legal documents to protect your own trade secrets and intellectual property rights. You may want to check if your potential partner already has similar agreements in place, either with their employees or with consultants.
See how to create a joint venture agreement and choose and work with a solicitor.