How to set up a Joint Venture Agreement for Property Ownership by two or more parties? Download this Joint Venture Agreement Property Ownership template now!
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The following is a list of certain of the acts and duties for which the Managing Partner is responsible: 3.3.1 Leasing (for terms of less than one year), improving, maintaining, managing, and servicing the Property 3.3.2 Marketing, selling, and conveying condominium units in the ordinary course of business, on such terms and conditions as Managing Partner may determine 3.3.3 Having prepared by selected certified public accountants and delivered to each Partner within sixty (60) days after the end of each year, a Joint Venture information tax return for the Joint Venture and for each Partner, including an annual report of the Joint Venture containing a balance sheet and a statement of income and expenses, a statement of sources and uses of funds, and a statement of balances in the Capital and Drawing Accounts of the Partners.. All such accounting is to be in accordance with generally accepted accounting principles 3.3.4 Insuring that the Joint Venture make or revoke the election referred to in Section 754 of the Internal Revenue Code of 1954 or any similar provision enacted in lieu thereof 3.3.5 Constructing improvements on the property and handling all draw requests from lenders for this purpose, provided that shall be retained by the Joint Venture as an independent contractor solely for the purpose of acting as general contractor in constructing such improvements 3.3.6 Selecting as the Joint Venture accounting year a calendar year or such fiscal year as approved by the Internal Revenue Service and the Partners and determining which generally accepted accounting method or methods shall be used by the Joint Venture 3.3.7 Providing that all moneys of the Joint Venture shall be deposited in a bank account and signing such resolutions and signature cards as may be required by said bank and 3.3.8 Maintaining all necessary records, obtaining necessary insurance, hiring and retaining personnel necessary to carry out the acts and duties noted above, auditing and paying bills, etc.
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