A non-corporatized joint venture is the simplest, fastest and generally cheapest form of the joint venture structure; it is a creation of a contract in which the joint enterprise agreement regulates all aspects of the project and the relations between the partners of the joint venture. The ownership structure is based on the common economic interests of each partner of the joint venture in the assets of the joint venture (with a legal title, either by a partner of the joint venture or by a legal company owned between them). This means in practice that where one aspect of the business relationship is not set out in the joint enterprise agreement, the parties cannot rely on corporate or common law to fill a gap and a dispute is more likely. On the other hand, the free nature of the unincorporated joint venture may also be an advantage, since the parties have the greatest contractual freedom to define their relationship and the operation of the joint venture. And it`s not just juniors who can potentially benefit from these JVs. Given the scale of Capex mining projects, their location in remote areas, and the increasing complexity of access to many minerals, companies of all sizes can benefit from partners to finance projects, acquire critical skills, build local relationships and share risks. Similarly, at-risk devices can provide shorter shock absorbers due to volatile commodity prices and security of critical resource supply. The sector is likely to see more CVs in the future, making it an important area of expertise that companies will likely need to develop. A joint venture based on limited partnerships is a hybrid approach that is exclusively a creature of a statute, which depends on the jurisdictional partnership provisions in which the partnership is established. While it is probably the most complex and expensive entity (which requires a single limited partnership agreement in its own right and often a separate shareholder pact for the cooperation partner), it may, if properly structured, offer similar flexibility and tax benefits to a joint venture without its own legal personality, while alleviating some of the disadvantages contained in the form taken.
, while providing limited liability protection.