Week One - Types of Business Entities (Joint Ventures) Flashcards
1
Q
What is the definition of a joint venture?
A
Two or more businesses that have different skills, assets or networks, come together to form an enterprise
2
Q
Can joint ventures be incorporated, unincorporated or both?
A
Joint ventures can be unincorporated, where there is no need for formal requirements. Joint ventures may also be incorporated.
3
Q
Is a joint venture a partnership?
A
No, because it is based on a contract.
4
Q
Which body oversees a joint venture?
A
A Management Company, under the direction of a manager
5
Q
What is a contemporary example of joint venture?
A
The Gorgon Project (Shell has 25% stake in the venture), with other companies involved such as Tokyo Gas and Exxon Mobil in a Joint Venture Agreement
