Best practices in accounting for construction joint ventures

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A joint venture is a great tool that can be used to go after bigger jobs or jobs outside your expertise. Setting one up can be complicated. This week, we're talking about how to set one up the right way using accounting best practices.
Topics we cover in this episode include:

• The purpose of joint ventures
• Formal vs. informal joint venture agreements
• Deciding on the details of a joint venture agreement
• Why you should treat the joint venture as a separate entity
• Setting up your books for a joint venture
• When things go wrong in joint ventures

LINKS
Visit the episode page at https://contractorsuccessforum.com/jointventureaccounting for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

챕터

1. Best practices in accounting for construction joint ventures (00:00:00)

2. The purpose of joint ventures (00:01:03)

3. Formal vs. Informal Joint Ventures (00:04:13)

4. What to know before starting a joing venture (00:04:52)

5. Deciding on the details of a joint venture (00:07:40)

6. Treat a joint venture as a separate entity (00:08:48)

7. Setting up the books for a joint venture (00:11:23)

8. Profit and Loss Splits in Joint Ventures (00:14:16)

9. When things go wrong in a joint venture (00:14:47)

10. Get professional help with your joint venture agreement (00:21:58)