A Joint Venture is a General Partnership typically formed to undertake a particular business transaction or project rather than one intended to continue indefinitely. Most often, joint ventures are used in real estate matters where 2 or more persons undertake to develop a specific piece of real property.

California allows attorneys and accountants to operate their practices as a limited liability partnership. This formation is a General Partnership that elects to be treated as an LLP by registering with the Secretary of State. Many attorneys and accountants find the LLP as a very attractive alternative sInce it shields the partners from vicarious liability, can operate more informally and flexibly than a corporation, and is accorded full partnership tax treatment. Note, in California, with certain exceptions, the LLP is only available to attorneys and accountants.

Registration in California, for example, is effected by filing a written statement with the Secretary of State (along with a filing fee) setting forth the name and prIncipal office address, name and address of its agent for service of process in California, a brief statement of the partnership’s business, and a statement that the partnership is registering as a limited libaility partnership. An annual tax is thereafter imposed on LLPs equivalent to the minimum franchise tax imposed on California corporations (i.e. $800).