The New Year is often a time when many entrepreneurial ideas take root. And in a lot of cases, this includes creating joint ventures. Yet oftentimes, joint ventures end up costing more money in the long run due to unforeseen obstacles. The good news is that upfront planning can help many entrepreneurs not only protect their interests, but also create a greater roadmap for long-term success.
Phoenix Business Journal recently tapped Scott Jensen to share his insight on how an effective operating agreement can protect entrepreneurs facing joint venture disputes. Default operating agreements may result in profit splits or decision-making processes that don’t fit the company vision, leading to further disputes and operational hiccups. To mitigate these pitfalls, he details the six key elements of an effective operating agreement, including capital call, operational expenses, and withdrawal and buyout provisions. Read the full article.
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