Legal Question in Real Estate Law in Colorado

Re: joint venture

While, as usual, more facts may be necessary, based on your limited facts I would say that a joint venture has been created. A joint venture under case law is generally defined as an enterprise entered into by two or more people for profit, for a limited purpose. The law does not require there to be a written agreement to form a joint venture.

Now, with the basic overview we can move to practical advice. Do not, in any way shape or form, enter a joint venture without a very clear written agreement. Speaking as an attorney and partner in real estate construction ventures, I know what I am talking about.

Contact an attorney to draft the agreement and, since not already done, determine the appropriate legal entity. Do not do this yourself or based on purely oral agreements (what people incorrectly call verbal agreements). If you want to discuss matters further, you can contact our office.