Certified public accountant James Kasim has served as a senior financial executive at several public and private companies. As a senior leader, James “Jim” Kasim manages different finance and accounting functions, as well as negotiations with joint venture partners across the United States and abroad. A real estate joint venture is a business arrangement between two or more individuals or organizations that agree to combine their money and resources to acquire a piece of real estate together. The two parties include an operating member and a capital member. The former is responsible for acquiring, managing, and developing the property, while the latter takes care of the finances. A real estate joint venture is generally set up as a limited liability company (LLC), which indicates that the enterprise is a separate legal entity, but each party is responsible for their investments, as well as their debts. When preparing the contract, both parties must decide and agree on all details, including the objective of the joint venture, capital contributions, responsibilities and control, distribution of profits, and exit strategy.
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March 2021
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