The quest to engage a strategic move against the competition, expand audience and clientele, improve credibility in the community, spread costs, access to new markets etc. usually lead to joint venture engagements.
A joint venture shall be an entity whose partners agree not to register in the Trade and Personal Property Credit Register and not to give it a corporate personality. It shall not be subject to publicity of any kind. The existence of a joint venture may be proved by any means.
The partners shall freely agree on the object, duration, conditions of functioning rights of partners and termination of the joint venture, subject to there being no derogation from the mandatory rules of the provisions common to companies, with the exception of those relating to corporate personality.
Unless a different organization has been provided for, the relations between partners shall be governed by the provisions applicable to private companies. The assets necessary for the company’s activity shall be placed at the disposal of the manager of the company. However, each partner shall remain the owner of the assets he placed at the disposal of the company. The partners may agree to put certain assets in joint ownership or that one of the partners, in relation to third parties shall be the owner of all or part of the assets he acquires with a view to the realization of the company’s objects.
The assets acquired by application of funds or re-investment of joint earnings shall be deemed to be joint holdings throughout the duration of the company as well as assets that were joint before being placed at the disposal of the company.
Unless otherwise provided for by the articles, no partner may request the sharing of joint assets as long as the company is not wound up.