Posted by eric on June 16, 2005 at 09:09:43:
A JV is generally for a specific limited purpose and time, whereas a GP is broader in nature and for an indefinite time unless defined otherwise or terminated.
Difference between JV and GP? - Posted by Bob
Posted by Bob on June 16, 2005 at 03:55:50:
JV = Joint Venture
GP = General Partnership
They seem virtually the same thing.
Re: Difference between JV and GP? - Posted by jimmy
Posted by jimmy on June 16, 2005 at 10:49:42:
a JV and a GP are one and the same. they are taxed as partnerships. they are covered by the Uniform Partnership laws enacted in almost every state.
Let’s understand what we mean by a JV or GP. It is formed (regardless of whether you want it), when two or more parties enter into a business enterprise for profit. the definition is very broad. Unless you establush the business in some other form (like a corporation, trust, LLC, LP, LLP etc.) you form a GP by default.
PLEASE distinguish a JV from joint ownership. These are VERY DIFFERENT arrangements. If two or more folks acquire a property in a TENANCY IN COMMON OR A JOINT TENANCY, there is NO partnership. There are specific lasw in every state dealing with the various forms of joint ownership.
Good luck