How to set up a joint venture?

A joint venture can be valuable but it requires both parties to benefit in the long term.
You will need to shop around for the right fit beforehand and have plenty of discussions to determine what will be the right fit. Background checks, due diligence and role definition will have to come into play as part of these discussions.
From there, it’s contract time! What will each party contribute? Who will perform which tasks? What will each party take away from the venture? What happens if one party wants out?
A legal expert should be able to help you lock down all the details of your exciting new partnership.