A joint venture is a business arrangement in which two or more persons or entities agree to jointly pursue a specific business objective—often more limited in scope and duration than a typical business or company. A joint venture may be organized as its own corporation or limited liability company. In addition to the risks of the business venture, a person or entity considering a joint venture should understand the tax issues, liability issues, and fiduciary duty issues involved.

In Wyoming, a joint venture is a collaborative business arrangement where two or more parties come together to achieve a specific business goal. This type of partnership can be structured in various forms, including as a corporation or a limited liability company (LLC), depending on the needs of the venture and the preferences of the parties involved. When forming a joint venture, parties must consider several legal aspects. Tax implications are crucial, as the structure of the joint venture will affect how it is taxed—whether as a pass-through entity or otherwise. Liability issues are also significant; the parties must decide how to allocate risks and whether to limit liability through the creation of an LLC or other entity. Lastly, fiduciary duties arise in joint ventures, requiring parties to act in the venture's best interest. It's important for those entering a joint venture in Wyoming to draft a clear agreement outlining each party's contribution, role, and share in the profits and losses, as well as to understand their legal obligations under state and federal law. Consulting with an attorney to navigate these complex issues is often advisable to ensure compliance and protect the interests of all parties involved.