Effective international joint venture management: practical legal insights for successful organization and implementation
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Armonk, NY ; London
Sharpe
2000
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 476 S. |
| ISBN: | 0765605473 |
Staff View
MARC
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| 100 | 1 | |a Wolf, Ronald Charles |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Effective international joint venture management |b practical legal insights for successful organization and implementation |c Ronald Charles Wolf |
| 264 | 1 | |a Armonk, NY ; London |b Sharpe |c 2000 | |
| 300 | |a XIX, 476 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Joint ventures -- Law and legislation | |
| 650 | 4 | |a Joint ventures -- Management | |
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Record in the Search Index
| _version_ | 1804138164660469760 |
|---|---|
| adam_text | Table of Contents
Introduction 3
Part One 3
0.1 The nature of the international joint venture: theory, practice, and
power 3
0.1.1 Definition of an international joint venture 6
0.1.2 Synonyms for an international joint venture 8
0.1.3 Why companies choose international joint ventures for doing
business 10
0.1.4 Formation 10
0.1.5 Capital structure and negotiations 11
0.1.6 Documentation, including the shareholders agreement 11
0.1.7 Due diligence procedures 12
0.1.8 The protection of ownership rights, including management functions 13
0.1.9 Dispute resolution and termination 14
0.1.10 The closing process 15
0.1.11 Summary 16
Part Two 17
0.2 Terminology 17
0.2.1 Foreign investor, home jurisdiction, foreign jurisdiction, host
country, and national or local investor 17
0.2.2 Venture party, partners, and owners 18
v
vi Contents
0.2.3 Operating company, local company, object corporation, target s
corporation, joint venture vehicle, or joint venture form 18
1 The Commercial Aspects of the International Joint Venture 20
Part One 20
1.1 Why companies establish themselves in foreign markets 20
1.1.1 Rivalry 21
1.1.2 New economic zones as future markets 22
1.1.3 Marketing reasons 22
1.1.4 Product image and technical assistance 23
1.1.5 New products, new ideas, and technology transfer 24
1.1.6 Miscellaneous reasons: from resources to capital 25
Part Two 25
1.2 Why choose an international joint venture as a form for doing
business? 25
1.2.1 Regional trade barriers 27
1.2.2 Capital flexibility: increasing and decreasing the joint venture
capital 27
1.2.3 Return on capital, interest reductions, and tax exemptions 28
1.2.4 Organizational flexibility 29
1.2.5 Natural resources 31
1.2.6 Human resources 32
1.2.7 Cultural aptitude, knowledge of local business, and moral customs 33
1.2.8 Complementary knowledge creates economies of goods and services 34
1.2.9 Consolidation of markets 35
1.2.10 Withdrawal simplified 36
1.2.11 Risk reduction 37
1.2.12 Requirements for international joint venture by host countries 37
1.2.13 Diversification 3 7
1.2.14 Modernization 38
1.2.15 Realization of capital gains 38
1.2.16 Avoidance of multiple fractional interests because of inheritance 39
Part Three 39
1.3 The characteristics of an international joint venture 39
Contents vii
1.3.1 Diversity of legal methods 42
1.3.2 Diversity of legal forms 45
1.3.3 Convergence of legal methods and legal forms 45
1.3.4 International joint ventures raise specific problems of
documentation 46
1.3.5 Contractual joint ventures, also known as the unincorporated
joint venture 47
1.3.6 Contractual joint venture definition 48
1.3.7 Partnership: contractual or equity joint venture? 48
1.3.8 Equity joint ventures 49
1.3.9 Equity joint venture definition 50
1.3.10 Particular legal issues may alter general definition 50
1.3.11 Management rights as property rights 51
1.3.12 Summary of characteristics of equity joint ventures 52
Part Four 54
1.4 Foreign regulation of international joint ventures 54
2 The International Joint Venture: Method 55
Part One 55
2.1 Various methods and possible commercial alliances 55
Part Two 60
2.2 A merchant s viewpoint 60
2.2.1 Acquisitions 60
2.2.2 Subsidiary formation 61
2.2.3 Mergers 61
2.2.4 Partnerships 63
2.2.5 Unincorporated joint ventures also denominated consortiums 63
2.2.6 Management contracts 64
Part Three 67
2.3 Technology licensing: routes of collision and avoidance with the 67
joint venture
2.3.1 Licensing of technology: patents, copyright, trademarks, trade secrets,
and know-how 68
2.3.2 Why technology licenses are often associated with joint ventures 69
viii Contents
2.3.3 Technology licenses and joint ventures: legal precautions 71
2.3.4 The risk of competition 72
2.3.5 Loss of expansion in market 72
2.3.6 Loss of quality control 73
2.3.7 License termination, consequences, and avoidance 73
Part Four 74
2.4 Turn-key contracts 74
2.4.1 Franchising 75
2.4.2 Distributorships, agency contracts, and sales representation 76
2.4.3 Sale of assets or a division 79
2.4.4 Branches 80
Part Five 82
2.5 Various methods for forming international joint ventures 82
2.5.1 Advantages of acquisition as a method 82
2.5.2 Disadvantages of acquisition as a method 84
2.5.3 Summary of advantages and disadvantages of the method
of acquisition 86
2.5.4 Advantages of method of forming a subsidiary 87
2.5.5 Disadvantages of the method of forming a subsidiary 89
2.5.6 Summary of advantages and disadvantages of method of forming
a subsidiary 89
2.5.7 Advantages of the method of merger 90
2.5.8 Disadvantages of the method of merger 92
2.5.9 Advantages of the method of forming a partnership 93
2.5.10 Disadvantages of the method of forming a partnership 94
2.5.11 Advantages and disadvantages of the method of forming an
unincorporated joint venture 95
2.5.12 Profit-sharing management contract: advantages and disadvantages
as a method 95
Part Six 97
2.6 Time, simplicity, cost, and management objectives 97
3 The Various Forms of the International Joint Venture Shelter 117
Part One 117
3.1 Essential joint venture characteristics for review by owners
and managers 117
Contents ix
3.1.1 Thirteen essential joint venture characteristics 119
3.1.2 Mergers 128
3.1.3 Advantages and disadvantages to various forms regarding the
thirteen characteristics 128
Part Two 129
3.2 Thirteen characteristics of a share corporation 129
Part Three 143
3.3 Thirteen characteristics of a private limited liability company 143
3.3.1 Limited liability 146
3.3.2 Profit withdrawals 146
3.3.3 Management structure 147
3.3.4 Taxes 148
3.3.5 Effect on private agreement of form chosen 149
3.3.6 Restriction on sale of ownership interests 150
3.3.7 Financial engineering flexibility 150
3.3.8 How ownership interests are represented and transferred 151
3.3.9 Formalities of formation and subsequent reporting requirements 152
3.3.10 Duration of form 153
3.3.11 Familiarity 153
3.3.12 Monitoring the investment 153
3.3.13 Termination flexibility 154
3.3.14 Summary of advantages and disadvantages in the private limited
liability company as a legal form 155
Part Four 156
3.4 Thirteen characteristics of a general partnership 156
3.4.1 Limited liability 157
3.4.2 Profit withdrawals 158
3.4.3 Management structure 158
3.4.4 Taxes 158
3.4.5 Effect on private agreement of form chosen 159
3.4.6 Restriction on sale of ownership interests 160
3.4.7 Financial engineering flexibility 160
3.4.8 How ownership is represented and transferred 160
3.4.9 Formalities of formation and subsequent reporting requirements 160
x Contents
3.4.10 Duration of form 161
3.4.11 Familiarity 161
3.4.12 Monitoring the investment 161
3.4.13 Termination flexibility 162
3.4.14 Summary of advantages and disadvantages
of general partnership as a legal form 162
Part Five 163
3.5 Thirteen characteristics of an unincorporated joint venture 163
3.5.1 Limited liability 165
3.5.2 Profit withdrawals 165
3.5.3 Management structure 165
3.5.4 Taxes 166
3.5.5 Effect on private agreement of form chosen 166
3.5.6 Restriction on sale of ownership interests 166
3.5.7 Financial engineering flexibility 166
3.5.8 How ownership is represented and transferred 167
3.5.9 Formalities of formation and subsequent reporting requirements 167
3.5.10 Duration of form 167
3.5.11 Familiarity 167
3.5.12 Monitoring the investment 168
3.5.13 Termination flexibility 168
3.5.14 Summary of advantages and disadvantages in the unincorporated
joint venture as a legal form 168
Part Six 169
3.6 Final practical considerations concerning joint venture formation 169
3.6.1 Acquisition or formation of a subsidiary? 170
3.6.2 The preferred legal form of the international joint venture 172
Part Seven 172
3.7 Summary of distinguishing aspects of an international joint venture 172
3.7.1 Ownership and investment 174
3.7.2 The sharing of power 175
4 Capital Structure and Negotiations 177
Part One 177
4.1 Introduction to capital structure and negotiations 177
Contents xi
4.1.1 Capital structure: cash, assets, agreed contributions, loans, and
guarantees 178
4.1.2 Capital structure and consolidated accounts 181
4.1.3 Capital control without a majority interest 183
4.1.4 Capital control and threshold requirements 185
4.1.5 Threshold requirements and the articles of the company 188
4.1.6 Threshold requirements and the shareholders agreement 188
4.1.7 Capital control and corporate division of power 190
4.1.8 Capital structure and accounting rules for profit determination 191
4.1.9 Capital structure and financing 193
4.1.10 Capital structure and long-term debt 195
4.1.11 Capital structure and all debt 197
4.1.12 Capital structure and alternatives to equity contribution 198
4.1.13 Capital structure and competition law: the problem of control 199
Part Two 200
4.2 Introduction to negotiations 200
4.2.1 The cultural and political environment 202
4.2.2 General foreign investment considerations 203
4.2.3 Basic information about target company or partners 204
4.2.4 Suggestions as to general rules of conduct during negotiations 205
4.2.5 Determination of the scope of the joint venture 207
4.2.6 Assets and financing of the joint venture 209
4.2.7 Legal structure of the joint venture 209
4.2.8 Operational issues of management and control 210
4.2.9 Relationship between the joint venture company and the partners 211
4.2.10 Conclusion 212
5 Documentation, Ownership, and Management 213
Part One 213
5.1 Documentation in general 213
5.1.1 The letter of intent 215
5.1.2 Formation agreement 216
5.1.3 The confidentiality agreement 217
5.1.4 The joint venture agreement 218
5.1.5 Agreed due diligence procedures 218
5.1.6 The shareholders agreement 218
5.1.7 The board of directors agreement 219
xii Contents
5.1.8 The management agreement 219
5.1.9 The adherence agreement 220
5.1.10 Agreed budget and operating plan for a specified period,
for example 3 to 5 years 220
5.1.11 Confirmation of events leading to the closing 220
Part Two 223
5.2 How documents contribute toward effective ownership and
management 223
5.2.1 Preliminary documents: the negotiations phase 226
5.2.2 The letter of intent 227
5.2.3 Declaration of informality 228
5.2.4 Points of no return 228
5.2.5 Form of the letter of intent and its function 228
5.2.6 Advantages and disadvantages of the letter of intent 229
5.2.7 The letter of intent is not a contract 229
Part Three 230
5.3 The confidentiality agreement 230
5.3.1 Defining the subject matter of confidential information 231
5.3.2 Management of confidential information 231
Part Four 233
5.4 The joint venture agreement 233
5.4.1 Withdrawal from the joint venture 234
5.4.2 Interpretation source for ownership rights and management
functions 234
5.4.3 Survival of the joint venture agreement 235
5.4.4 The basic clauses of a joint venture agreement: purpose and
drafting 237
Part Five 260
5.5 Representations and warranties: warranties assign risk 260
5.5.1 General warranties of particular interest to management 266
5.5.2 Warranties concerning trading terms 266
5.5.3 Warranties concerning preclosing business practices 267
5.5.4 Warranties concerning assets 268
5.5.5 Warranties concerning the accounts 268
Contents xiii
5.5.6 Warranties concerning employees 269
5.5.7 Warranties concerning insurance 270
5.5.8 Warranties concerning the environment 270
5.5.9 Warranties of a legal nature 271
5.5.10 Warranties of a financial nature 271
5.5.11 Indemnities and damages 272
5.5.12 Due diligence procedures: the discovery of risk 274
5.5.13 Termination of the joint venture and dispute resolution 274
5.5.14 Closing conditions 276
5.5.15 Miscellaneous clauses: assignment, expenses, notices, and brokers 276
Part Six 276
5.6 Recommended, optional documentation 276
5.6.1 Board of directors agreement 278
5.6.2 Management agreement 279
5.6.3 Adherence agreement 280
5.6.4 Joint venture agreement: conclusions 281
6 The Shareholders Agreement 283
Part One 283
6.1 The shareholders agreement: a primary tool for management 283
6.1.1 Pooling agreements 286
6.1.2 Voting trust 286
6.1.3 Irrevocable power of attorney 287
6.1.4 The traditional private use of the shareholders agreement 287
6.1.5 The characteristics of the shareholders agreement 291
6.1.6 Formalities: the parties 293
6.1.7 Formalities: deposit requirements 294
6.1.8 Formalities: duration 295
6.1.9 Prohibited aspects of the shareholders agreement 295
6.1.10 The theory of the self-enforcing, no-exit legal circuit 296
6.1.11 The ownership and managerial effectiveness of a shareholders
agreement 297
Part Two 298
6.2 Protection against unfair tactics and push-out attempts:
a general view 298
6.2.1 Amendments to the company articles 299
xiv Contents
6.2.2 Name of the joint venture company 299
6.2.3 Right to information 300
6.2.4 Distribution of dividends 300
6.2.5 Nomination to board of directors 301
6.2.6 Voting on the board of directors 301
6.2.7 Location of board meetings, nonvoting observers, and technical
committees 302
6.2.8 Secret purchase of majority shares 303
6.2.9 One partner buys equity interests and does not inform the
other partners 304
6.2.10 Annual budget, capital expenditures, expansion plans, and disposal
of assets 304
6.2.11 Loan provisions, guarantees, and encumbrances 305
6.2.12 Purchase or disposal of equity interests 305
6.2.13 Dispute resolution 306
6.2.14 Litigation authorized by the board of directors 306
6.2.15 New labor policies 307
6.2.16 Providing additional capital 307
6.2.17 Augments of capital, issuance of authorized shares, and stock
dividends 307
6.2.18 Accounting policies 308
6.2.19 Exorbitant salaries: contracts 308
6.2.20 Appropriation of corporate assets 309
6.2.21 Sale of corporate assets or contracts with third parties 309
6.2.22 Profiting from insider information or other opportunities 309
6.2.23 Material contracts above a certain amount 309
6.2.24 Placement of key personnel 310
6.2.25 Language ability of personnel 310
6.2.26 Termination of employees 310
6.2.27 Prohibition on dismissed employees working for one of the partners 311
6.2.28 Change of control, decease of a partner, or prolonged illness 311
6.2.29 Termination of the joint venture 311
6.2.30 Continuation of business after the joint venture has been terminated 313
6.2.31 Disposal of assets after the joint venture has been terminated 313
6.2.32 Post-termination obligations 314
Part Three 315
6.3 Ten practical considerations 315
Contents xv
Part Four 317
6.4 Amendments to the company articles 317
6.4.1 Name of the joint venture company 318
6.4.2 Right to information 318
6.4.3 Distribution of dividends 319
6.4.4 Nomination to the board of directors 319
6.4.5 Voting on the board of directors 319
6.4.6 Location of board meetings, nonvoting observers, and technical
committees 320
6.4.7 Secret purchase of majority shares 320
6.4.8 One party buys equity interests and does not inform the other
partners 321
6.4.9 Annual budget, capital expenditures, expansion plans, and disposal
of assets 321
6.4.10 Loan provisions, guarantees, and encumbrances 321
6.4.11 Purchase or disposal of equity interests 321
6.4.12 Dispute resolution 322
6.4.13 Litigation authorized by the board of directors 322
6.4.14 New labor policies 322
6.4.15 Providing additional capital 322
6.4.16 Augments of capital, issuance of authorized shares, and stock
dividends 323
6.4.17 Accounting policies 323
6.4.18 Exorbitant salaries: contracts 324
6.4.19 Appropriation of corporate assets 325
6.4.20 Sale of corporate assets or contracts with third parties 325
6.4.21 Profiting from insider information and other opportunities 325
6.4.22 Material contracts above a certain amount 326
6.4.23 Placement of key personnel 326
6.4.24 Language ability of key personnel 327
6.4.25 Termination of employees 327
6.4.26 Prohibition on dismissed employees working for one of the
partners 327
6.4.27 Change of control, decease of a partner, or prolonged illness 328
6.4.28 Termination of the joint venture 329
6.4.29 Continuation of business after the joint venture has been
terminated 329
6.4.30 Disposal of assets after the joint venture has been terminated 330
6.4.31 The shareholders agreement: the kingpin of conflict resolution 330
xvi Contents
7 Due Diligence Procedures: Commercial, Legal, and Financial 331
Part One 331
7.1 A definition 331
7.1.1 Applications of due diligence procedures other than in joint ventures 334
7.1.2 The proper place and time in which to conduct due diligence
procedures 335
7.1.3 Classification of due diligence procedures 336
7.1.4 Seller: warranties that should not have been made 338
7.1.5 Seller: business is not as good as represented 338
7.1.6 Seller and buyer: revelation of potential sale 338
Part Two 339
7.2 Commercial due diligence procedures: general objectives 339
7.2.1 Commercial due diligence: common problems 341
7.2.2 Other joint ventures: relevance 342
7.2.3 Other joint ventures: risk 342
7.2.4 Other joint ventures: resolution 343
7.2.5 Organization chart: relevance 343
7.2.6 Organization chart: risk 344
7.2.7 Organization chart: resolution 344
7.2.8 Labor force: relevance 346
7.2.9 Labor force: risk 347
7.2.10 Labor force: resolution 347
7.2.11 Employee benefits: relevance 348
7.2.12 Employee benefits: risk 348
7.2.13 Employee benefits: resolution 349
7.2.14 Subsidiaries: relevance 349
7.2.15 Subsidiaries: risk 350
7.2.16 Subsidiaries: resolution 350
7.2.17 Harmonization of departments through knowledge management:
relevance 351
7.2.18 Harmonization of departments through knowledge management:
risk 352
7.2.19 Harmonization of departments through knowledge management:
resolution 352
7.2.20 Worker organizations with management functions or powers:
relevance 353
Contents xvii
7.2.21 Worker organizations with management functions or powers:
risk 354
7.2.22 Worker organizations with management functions or powers:
resolution 354
7.2.23 Expatriate laws: relevance 354
7.2.24 Expatriate laws: risk 355
7.2.25 Expatriate laws: resolution 355
7.2.26 Compensation of directors, officers, and shareholders: relevance 356
7.2.27 Compensation of directors, officers, and shareholders: risk 356
7.2.28 Compensation of directors, officers, and shareholders: resolution 356
7.2.29 Resignations and appointments to the board: relevance 357
7.2.30 Resignations and appointments to the board: risk 357
7.2.31 Resignations and appointments to the board: resolution 358
7.2.32 Environmental issues: relevance 359
7.2.33 Environmental issues: risk 360
7.2.34 Environmental issues: resolution 360
Part Three 360
7.3 Financial due diligence procedures: general objectives 360
7.3.1 Accounting procedures 362
7.3.2 Discretionary items that affect joint venture results 364
7.3.3 Cost of goods sold 366
7.3.4 Inventory 367
7.3.5 Cash or its equivalent 369
7.3.6 Accounts receivable 370
7.3.7 Fixed assets 371
7.3.8 Physical inspection of the site 372
7.3.9 Liabilities 372
7.3.10 Tax compliance 373
Part Four 373
7.4 Legal due diligence procedures 373
7.4.1 Review of corporate charter, by-laws, and all amendments 375
7.4.2 Minutes of the company 376
7.4.3 Corporate existence 377
7.4.4 Verification of capital 378
7.4.5 Sale of equity interest 379
7.4.6 List of all directors and term of office 380
xviii Contents
7.4.7 Contracts with directors and/or employees 380
7.4.8 Real estate 381
7.4.9 Review of all material supply and manufacturing contracts 381
7.4.10 Review of transfers of technology, trade secrets, and
know-how 382
7.4.11 Environmental issues 382
7.4.12 Study and review of all litigation records 383
7.4.13 Legal/results of investigation 3 84
7.4.14 Legal/checklist for managers 384
8 How to Protect Ownership Rights and Management Functions:
Customizing the International Joint Venture 386
Part One 386
8.1 The nature of the problem: ownership rights and company structure 386
8.1.1 The natural division of authority in companies 391
8.1.2 Management models: board of directors, general director, and
operational manager 396
Part Two 398
8.2 The powers of the general assembly 398
Part Three 404
8.3 Supermajority vote requirements 404
Part Four 407
8.4 Management board composition 407
8.4.1 Management board voting system 408
Part Five 410
8.5 Dismissal rights over the board of directors 410
Part Six 411
8.6 Quorum 411
Contents xix
Part Seven 415
8.7 Customizing the international joint venture 415
9 Dispute Resolution and Termination 417
Part One 417
9.1 Introduction to dispute resolution 417
9.1.1 Conciliation 419
9.1.2 Introduction to mediation 421
9.1.3 Issues relating to mediation 423
9.1.4 Adjudication 428
9.1.5 Arbitration 430
9.1.6 Tribunal 434
Part Two 437
9.2 Termination 437
9.2.1 Termination by failure of a preclosing condition 439
9.2.2 Termination because the term of the joint venture is completed 440
9.2.3 Contractual joint venture: reasons for termination 440
9.2.4 Equity joint venture: reasons for termination 442
Part Three 443
9.3 Contractual and equity joint ventures: issues to be considered
on termination 443
9.3.1 Post-termination restraints on commercial conduct 443
9.3.2 Termination: continuation of the joint venture 444
9.3.3 Termination: continuation of contractual obligations 445
9.3.4 Termination: existing liabilities of the withdrawing partner 446
9.3.5 Contractual and equity joint ventures: termination issues 446
10 The Closing Process 448
10.1 Overall view of the closing process 448
10.2 Conclusion 456
Select Bibliography 457
Index 459
About the Author 477
|
| adam_txt |
Table of Contents
Introduction 3
Part One 3
0.1 The nature of the international joint venture: theory, practice, and
power 3
0.1.1 Definition of an international joint venture 6
0.1.2 Synonyms for an international joint venture 8
0.1.3 Why companies choose international joint ventures for doing
business 10
0.1.4 Formation 10
0.1.5 Capital structure and negotiations 11
0.1.6 Documentation, including the shareholders' agreement 11
0.1.7 Due diligence procedures 12
0.1.8 The protection of ownership rights, including management functions 13
0.1.9 Dispute resolution and termination 14
0.1.10 The closing process 15
0.1.11 Summary 16
Part Two 17
0.2 Terminology 17
0.2.1 Foreign investor, home jurisdiction, foreign jurisdiction, host
country, and national or local investor 17
0.2.2 Venture party, partners, and owners 18
v
vi Contents
0.2.3 Operating company, local company, object corporation, target s
corporation, joint venture vehicle, or joint venture form 18
1 The Commercial Aspects of the International Joint Venture 20
Part One 20
1.1 Why companies establish themselves in foreign markets 20
1.1.1 Rivalry 21
1.1.2 New economic zones as future markets 22
1.1.3 Marketing reasons 22
1.1.4 Product image and technical assistance 23
1.1.5 New products, new ideas, and technology transfer 24
1.1.6 Miscellaneous reasons: from resources to capital 25
Part Two 25
1.2 Why choose an international joint venture as a form for doing
business? 25
1.2.1 Regional trade barriers 27
1.2.2 Capital flexibility: increasing and decreasing the joint venture
capital 27
1.2.3 Return on capital, interest reductions, and tax exemptions 28
1.2.4 Organizational flexibility 29
1.2.5 Natural resources 31
1.2.6 Human resources 32
1.2.7 Cultural aptitude, knowledge of local business, and moral customs 33
1.2.8 Complementary knowledge creates economies of goods and services 34
1.2.9 Consolidation of markets 35
1.2.10 Withdrawal simplified 36
1.2.11 Risk reduction 37
1.2.12 Requirements for international joint venture by host countries 37
1.2.13 Diversification 3 7
1.2.14 Modernization 38
1.2.15 Realization of capital gains 38
1.2.16 Avoidance of multiple fractional interests because of inheritance 39
Part Three 39
1.3 The characteristics of an international joint venture 39
Contents vii
1.3.1 Diversity of legal methods 42
1.3.2 Diversity of legal forms 45
1.3.3 Convergence of legal methods and legal forms 45
1.3.4 International joint ventures raise specific problems of
documentation 46
1.3.5 Contractual joint ventures, also known as the unincorporated
joint venture 47
1.3.6 Contractual joint venture definition 48
1.3.7 Partnership: contractual or equity joint venture? 48
1.3.8 Equity joint ventures 49
1.3.9 Equity joint venture definition 50
1.3.10 Particular legal issues may alter general definition 50
1.3.11 Management rights as property rights 51
1.3.12 Summary of characteristics of equity joint ventures 52
Part Four 54
1.4 Foreign regulation of international joint ventures 54
2 The International Joint Venture: Method 55
Part One 55
2.1 Various methods and possible commercial alliances 55
Part Two 60
2.2 A merchant's viewpoint 60
2.2.1 Acquisitions 60
2.2.2 Subsidiary formation 61
2.2.3 Mergers 61
2.2.4 Partnerships 63
2.2.5 Unincorporated joint ventures also denominated consortiums 63
2.2.6 Management contracts 64
Part Three 67
2.3 Technology licensing: routes of collision and avoidance with the 67
joint venture
2.3.1 Licensing of technology: patents, copyright, trademarks, trade secrets,
and know-how 68
2.3.2 Why technology licenses are often associated with joint ventures 69
viii Contents
2.3.3 Technology licenses and joint ventures: legal precautions 71
2.3.4 The risk of competition 72
2.3.5 Loss of expansion in market 72
2.3.6 Loss of quality control 73
2.3.7 License termination, consequences, and avoidance 73
Part Four 74
2.4 Turn-key contracts 74
2.4.1 Franchising 75
2.4.2 Distributorships, agency contracts, and sales representation 76
2.4.3 Sale of assets or a division 79
2.4.4 Branches 80
Part Five 82
2.5 Various methods for forming international joint ventures 82
2.5.1 Advantages of acquisition as a method 82
2.5.2 Disadvantages of acquisition as a method 84
2.5.3 Summary of advantages and disadvantages of the method
of acquisition 86
2.5.4 Advantages of method of forming a subsidiary 87
2.5.5 Disadvantages of the method of forming a subsidiary 89
2.5.6 Summary of advantages and disadvantages of method of forming
a subsidiary 89
2.5.7 Advantages of the method of merger 90
2.5.8 Disadvantages of the method of merger 92
2.5.9 Advantages of the method of forming a partnership 93
2.5.10 Disadvantages of the method of forming a partnership 94
2.5.11 Advantages and disadvantages of the method of forming an
unincorporated joint venture 95
2.5.12 Profit-sharing management contract: advantages and disadvantages
as a method 95
Part Six 97
2.6 Time, simplicity, cost, and management objectives 97
3 The Various Forms of the International Joint Venture Shelter 117
Part One 117
3.1 Essential joint venture characteristics for review by owners
and managers 117
Contents ix
3.1.1 Thirteen essential joint venture characteristics 119
3.1.2 Mergers 128
3.1.3 Advantages and disadvantages to various forms regarding the
thirteen characteristics 128
Part Two 129
3.2 Thirteen characteristics of a share corporation 129
Part Three 143
3.3 Thirteen characteristics of a private limited liability company 143
3.3.1 Limited liability 146
3.3.2 Profit withdrawals 146
3.3.3 Management structure 147
3.3.4 Taxes 148
3.3.5 Effect on private agreement of form chosen 149
3.3.6 Restriction on sale of ownership interests 150
3.3.7 Financial engineering flexibility 150
3.3.8 How ownership interests are represented and transferred 151
3.3.9 Formalities of formation and subsequent reporting requirements 152
3.3.10 Duration of form 153
3.3.11 Familiarity 153
3.3.12 Monitoring the investment 153
3.3.13 Termination flexibility 154
3.3.14 Summary of advantages and disadvantages in the private limited
liability company as a legal form 155
Part Four 156
3.4 Thirteen characteristics of a general partnership 156
3.4.1 Limited liability 157
3.4.2 Profit withdrawals 158
3.4.3 Management structure 158
3.4.4 Taxes 158
3.4.5 Effect on private agreement of form chosen 159
3.4.6 Restriction on sale of ownership interests 160
3.4.7 Financial engineering flexibility 160
3.4.8 How ownership is represented and transferred 160
3.4.9 Formalities of formation and subsequent reporting requirements 160
x Contents
3.4.10 Duration of form 161
3.4.11 Familiarity 161
3.4.12 Monitoring the investment 161
3.4.13 Termination flexibility 162
3.4.14 Summary of advantages and disadvantages
of general partnership as a legal form 162
Part Five 163
3.5 Thirteen characteristics of an unincorporated joint venture 163
3.5.1 Limited liability 165
3.5.2 Profit withdrawals 165
3.5.3 Management structure 165
3.5.4 Taxes 166
3.5.5 Effect on private agreement of form chosen 166
3.5.6 Restriction on sale of ownership interests 166
3.5.7 Financial engineering flexibility 166
3.5.8 How ownership is represented and transferred 167
3.5.9 Formalities of formation and subsequent reporting requirements 167
3.5.10 Duration of form 167
3.5.11 Familiarity 167
3.5.12 Monitoring the investment 168
3.5.13 Termination flexibility 168
3.5.14 Summary of advantages and disadvantages in the unincorporated
joint venture as a legal form 168
Part Six 169
3.6 Final practical considerations concerning joint venture formation 169
3.6.1 Acquisition or formation of a subsidiary? 170
3.6.2 The preferred legal form of the international joint venture 172
Part Seven 172
3.7 Summary of distinguishing aspects of an international joint venture 172
3.7.1 Ownership and investment 174
3.7.2 The sharing of power 175
4 Capital Structure and Negotiations 177
Part One 177
4.1 Introduction to capital structure and negotiations 177
Contents xi
4.1.1 Capital structure: cash, assets, agreed contributions, loans, and
guarantees 178
4.1.2 Capital structure and consolidated accounts 181
4.1.3 Capital control without a majority interest 183
4.1.4 Capital control and threshold requirements 185
4.1.5 Threshold requirements and the articles of the company 188
4.1.6 Threshold requirements and the shareholders' agreement 188
4.1.7 Capital control and corporate division of power 190
4.1.8 Capital structure and accounting rules for profit determination 191
4.1.9 Capital structure and financing 193
4.1.10 Capital structure and long-term debt 195
4.1.11 Capital structure and all debt 197
4.1.12 Capital structure and alternatives to equity contribution 198
4.1.13 Capital structure and competition law: the problem of control 199
Part Two 200
4.2 Introduction to negotiations 200
4.2.1 The cultural and political environment 202
4.2.2 General foreign investment considerations 203
4.2.3 Basic information about target company or partners 204
4.2.4 Suggestions as to general rules of conduct during negotiations 205
4.2.5 Determination of the scope of the joint venture 207
4.2.6 Assets and financing of the joint venture 209
4.2.7 Legal structure of the joint venture 209
4.2.8 Operational issues of management and control 210
4.2.9 Relationship between the joint venture company and the partners 211
4.2.10 Conclusion 212
5 Documentation, Ownership, and Management 213
Part One 213
5.1 Documentation in general 213
5.1.1 The letter of intent 215
5.1.2 Formation agreement 216
5.1.3 The confidentiality agreement 217
5.1.4 The joint venture agreement 218
5.1.5 Agreed due diligence procedures 218
5.1.6 The shareholders'agreement 218
5.1.7 The board of directors' agreement 219
xii Contents
5.1.8 The management agreement 219
5.1.9 The adherence agreement 220
5.1.10 Agreed budget and operating plan for a specified period,
for example 3 to 5 years 220
5.1.11 Confirmation of events leading to the closing 220
Part Two 223
5.2 How documents contribute toward effective ownership and
management 223
5.2.1 Preliminary documents: the negotiations phase 226
5.2.2 The letter of intent 227
5.2.3 Declaration of informality 228
5.2.4 Points of no return 228
5.2.5 Form of the letter of intent and its function 228
5.2.6 Advantages and disadvantages of the letter of intent 229
5.2.7 The letter of intent is not a contract 229
Part Three 230
5.3 The confidentiality agreement 230
5.3.1 Defining the subject matter of confidential information 231
5.3.2 Management of confidential information 231
Part Four 233
5.4 The joint venture agreement 233
5.4.1 Withdrawal from the joint venture 234
5.4.2 Interpretation source for ownership rights and management
functions 234
5.4.3 Survival of the joint venture agreement 235
5.4.4 The basic clauses of a joint venture agreement: purpose and
drafting 237
Part Five 260
5.5 Representations and warranties: warranties assign risk 260
5.5.1 General warranties of particular interest to management 266
5.5.2 Warranties concerning trading terms 266
5.5.3 Warranties concerning preclosing business practices 267
5.5.4 Warranties concerning assets 268
5.5.5 Warranties concerning the accounts 268
Contents xiii
5.5.6 Warranties concerning employees 269
5.5.7 Warranties concerning insurance 270
5.5.8 Warranties concerning the environment 270
5.5.9 Warranties of a legal nature 271
5.5.10 Warranties of a financial nature 271
5.5.11 Indemnities and damages 272
5.5.12 Due diligence procedures: the discovery of risk 274
5.5.13 Termination of the joint venture and dispute resolution 274
5.5.14 Closing conditions 276
5.5.15 Miscellaneous clauses: assignment, expenses, notices, and brokers 276
Part Six 276
5.6 Recommended, optional documentation 276
5.6.1 Board of directors'agreement 278
5.6.2 Management agreement 279
5.6.3 Adherence agreement 280
5.6.4 Joint venture agreement: conclusions 281
6 The Shareholders'Agreement 283
Part One 283
6.1 The shareholders' agreement: a primary tool for management 283
6.1.1 Pooling agreements 286
6.1.2 Voting trust 286
6.1.3 Irrevocable power of attorney 287
6.1.4 The traditional private use of the shareholders' agreement 287
6.1.5 The characteristics of the shareholders' agreement 291
6.1.6 Formalities: the parties 293
6.1.7 Formalities: deposit requirements 294
6.1.8 Formalities: duration 295
6.1.9 Prohibited aspects of the shareholders'agreement 295
6.1.10 The theory of the self-enforcing, no-exit legal circuit 296
6.1.11 The ownership and managerial effectiveness of a shareholders'
agreement 297
Part Two 298
6.2 Protection against unfair tactics and push-out attempts:
a general view 298
6.2.1 Amendments to the company articles 299
xiv Contents
6.2.2 Name of the joint venture company 299
6.2.3 Right to information 300
6.2.4 Distribution of dividends 300
6.2.5 Nomination to board of directors 301
6.2.6 Voting on the board of directors 301
6.2.7 Location of board meetings, nonvoting observers, and technical
committees 302
6.2.8 Secret purchase of majority shares 303
6.2.9 One partner buys equity interests and does not inform the
other partners 304
6.2.10 Annual budget, capital expenditures, expansion plans, and disposal
of assets 304
6.2.11 Loan provisions, guarantees, and encumbrances 305
6.2.12 Purchase or disposal of equity interests 305
6.2.13 Dispute resolution 306
6.2.14 Litigation authorized by the board of directors 306
6.2.15 New labor policies 307
6.2.16 Providing additional capital 307
6.2.17 Augments of capital, issuance of authorized shares, and stock
dividends 307
6.2.18 Accounting policies 308
6.2.19 Exorbitant salaries: contracts 308
6.2.20 Appropriation of corporate assets 309
6.2.21 Sale of corporate assets or contracts with third parties 309
6.2.22 Profiting from insider information or other opportunities 309
6.2.23 Material contracts above a certain amount 309
6.2.24 Placement of key personnel 310
6.2.25 Language ability of personnel 310
6.2.26 Termination of employees 310
6.2.27 Prohibition on dismissed employees working for one of the partners 311
6.2.28 Change of control, decease of a partner, or prolonged illness 311
6.2.29 Termination of the joint venture 311
6.2.30 Continuation of business after the joint venture has been terminated 313
6.2.31 Disposal of assets after the joint venture has been terminated 313
6.2.32 Post-termination obligations 314
Part Three 315
6.3 Ten practical considerations 315
Contents xv
Part Four 317
6.4 Amendments to the company articles 317
6.4.1 Name of the joint venture company 318
6.4.2 Right to information 318
6.4.3 Distribution of dividends 319
6.4.4 Nomination to the board of directors 319
6.4.5 Voting on the board of directors 319
6.4.6 Location of board meetings, nonvoting observers, and technical
committees 320
6.4.7 Secret purchase of majority shares 320
6.4.8 One party buys equity interests and does not inform the other
partners 321
6.4.9 Annual budget, capital expenditures, expansion plans, and disposal
of assets 321
6.4.10 Loan provisions, guarantees, and encumbrances 321
6.4.11 Purchase or disposal of equity interests 321
6.4.12 Dispute resolution 322
6.4.13 Litigation authorized by the board of directors 322
6.4.14 New labor policies 322
6.4.15 Providing additional capital 322
6.4.16 Augments of capital, issuance of authorized shares, and stock
dividends 323
6.4.17 Accounting policies 323
6.4.18 Exorbitant salaries: contracts 324
6.4.19 Appropriation of corporate assets 325
6.4.20 Sale of corporate assets or contracts with third parties 325
6.4.21 Profiting from insider information and other opportunities 325
6.4.22 Material contracts above a certain amount 326
6.4.23 Placement of key personnel 326
6.4.24 Language ability of key personnel 327
6.4.25 Termination of employees 327
6.4.26 Prohibition on dismissed employees working for one of the
partners 327
6.4.27 Change of control, decease of a partner, or prolonged illness 328
6.4.28 Termination of the joint venture 329
6.4.29 Continuation of business after the joint venture has been
terminated 329
6.4.30 Disposal of assets after the joint venture has been terminated 330
6.4.31 The shareholders' agreement: the kingpin of conflict resolution 330
xvi Contents
7 Due Diligence Procedures: Commercial, Legal, and Financial 331
Part One 331
7.1 A definition 331
7.1.1 Applications of due diligence procedures other than in joint ventures 334
7.1.2 The proper place and time in which to conduct due diligence
procedures 335
7.1.3 Classification of due diligence procedures 336
7.1.4 Seller: warranties that should not have been made 338
7.1.5 Seller: business is not as good as represented 338
7.1.6 Seller and buyer: revelation of potential sale 338
Part Two 339
7.2 Commercial due diligence procedures: general objectives 339
7.2.1 Commercial due diligence: common problems 341
7.2.2 Other joint ventures: relevance 342
7.2.3 Other joint ventures: risk 342
7.2.4 Other joint ventures: resolution 343
7.2.5 Organization chart: relevance 343
7.2.6 Organization chart: risk 344
7.2.7 Organization chart: resolution 344
7.2.8 Labor force: relevance 346
7.2.9 Labor force: risk 347
7.2.10 Labor force: resolution 347
7.2.11 Employee benefits: relevance 348
7.2.12 Employee benefits: risk 348
7.2.13 Employee benefits: resolution 349
7.2.14 Subsidiaries: relevance 349
7.2.15 Subsidiaries: risk 350
7.2.16 Subsidiaries: resolution 350
7.2.17 Harmonization of departments through knowledge management:
relevance 351
7.2.18 Harmonization of departments through knowledge management:
risk 352
7.2.19 Harmonization of departments through knowledge management:
resolution 352
7.2.20 Worker organizations with management functions or powers:
relevance 353
Contents xvii
7.2.21 Worker organizations with management functions or powers:
risk 354
7.2.22 Worker organizations with management functions or powers:
resolution 354
7.2.23 Expatriate laws: relevance 354
7.2.24 Expatriate laws: risk 355
7.2.25 Expatriate laws: resolution 355
7.2.26 Compensation of directors, officers, and shareholders: relevance 356
7.2.27 Compensation of directors, officers, and shareholders: risk 356
7.2.28 Compensation of directors, officers, and shareholders: resolution 356
7.2.29 Resignations and appointments to the board: relevance 357
7.2.30 Resignations and appointments to the board: risk 357
7.2.31 Resignations and appointments to the board: resolution 358
7.2.32 Environmental issues: relevance 359
7.2.33 Environmental issues: risk 360
7.2.34 Environmental issues: resolution 360
Part Three 360
7.3 Financial due diligence procedures: general objectives 360
7.3.1 Accounting procedures 362
7.3.2 Discretionary items that affect joint venture results 364
7.3.3 Cost of goods sold 366
7.3.4 Inventory 367
7.3.5 Cash or its equivalent 369
7.3.6 Accounts receivable 370
7.3.7 Fixed assets 371
7.3.8 Physical inspection of the site 372
7.3.9 Liabilities 372
7.3.10 Tax compliance 373
Part Four 373
7.4 Legal due diligence procedures 373
7.4.1 Review of corporate charter, by-laws, and all amendments 375
7.4.2 Minutes of the company 376
7.4.3 Corporate existence 377
7.4.4 Verification of capital 378
7.4.5 Sale of equity interest 379
7.4.6 List of all directors and term of office 380
xviii Contents
7.4.7 Contracts with directors and/or employees 380
7.4.8 Real estate 381
7.4.9 Review of all material supply and manufacturing contracts 381
7.4.10 Review of transfers of technology, trade secrets, and
know-how 382
7.4.11 Environmental issues 382
7.4.12 Study and review of all litigation records 383
7.4.13 Legal/results of investigation 3 84
7.4.14 Legal/checklist for managers 384
8 How to Protect Ownership Rights and Management Functions:
Customizing the International Joint Venture 386
Part One 386
8.1 The nature of the problem: ownership rights and company structure 386
8.1.1 The natural division of authority in companies 391
8.1.2 Management models: board of directors, general director, and
operational manager 396
Part Two ' 398
8.2 The powers of the general assembly 398
Part Three 404
8.3 Supermajority vote requirements 404
Part Four 407
8.4 Management board composition 407
8.4.1 Management board voting system 408
Part Five 410
8.5 Dismissal rights over the board of directors 410
Part Six 411
8.6 Quorum 411
Contents xix
Part Seven 415
8.7 Customizing the international joint venture 415
9 Dispute Resolution and Termination 417
Part One 417
9.1 Introduction to dispute resolution 417
9.1.1 Conciliation 419
9.1.2 Introduction to mediation 421
9.1.3 Issues relating to mediation 423
9.1.4 Adjudication 428
9.1.5 Arbitration 430
9.1.6 Tribunal 434
Part Two 437
9.2 Termination 437
9.2.1 Termination by failure of a preclosing condition 439
9.2.2 Termination because the term of the joint venture is completed 440
9.2.3 Contractual joint venture: reasons for termination 440
9.2.4 Equity joint venture: reasons for termination 442
Part Three 443
9.3 Contractual and equity joint ventures: issues to be considered
on termination 443
9.3.1 Post-termination restraints on commercial conduct 443
9.3.2 Termination: continuation of the joint venture 444
9.3.3 Termination: continuation of contractual obligations 445
9.3.4 Termination: existing liabilities of the withdrawing partner 446
9.3.5 Contractual and equity joint ventures: termination issues 446
10 The Closing Process 448
10.1 Overall view of the closing process 448
10.2 Conclusion 456
Select Bibliography 457
Index 459
About the Author 477 |
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| index_date | 2024-07-02T22:33:18Z |
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| spelling | Wolf, Ronald Charles Verfasser aut Effective international joint venture management practical legal insights for successful organization and implementation Ronald Charles Wolf Armonk, NY ; London Sharpe 2000 XIX, 476 S. txt rdacontent n rdamedia nc rdacarrier Recht Joint ventures -- Law and legislation Joint ventures -- Management HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016843240&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Wolf, Ronald Charles Effective international joint venture management practical legal insights for successful organization and implementation Recht Joint ventures -- Law and legislation Joint ventures -- Management |
| title | Effective international joint venture management practical legal insights for successful organization and implementation |
| title_auth | Effective international joint venture management practical legal insights for successful organization and implementation |
| title_exact_search | Effective international joint venture management practical legal insights for successful organization and implementation |
| title_exact_search_txtP | Effective international joint venture management practical legal insights for successful organization and implementation |
| title_full | Effective international joint venture management practical legal insights for successful organization and implementation Ronald Charles Wolf |
| title_fullStr | Effective international joint venture management practical legal insights for successful organization and implementation Ronald Charles Wolf |
| title_full_unstemmed | Effective international joint venture management practical legal insights for successful organization and implementation Ronald Charles Wolf |
| title_short | Effective international joint venture management |
| title_sort | effective international joint venture management practical legal insights for successful organization and implementation |
| title_sub | practical legal insights for successful organization and implementation |
| topic | Recht Joint ventures -- Law and legislation Joint ventures -- Management |
| topic_facet | Recht Joint ventures -- Law and legislation Joint ventures -- Management |
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