Although sumitomo was prohibited from competing with JV products, it was exempted from this provision for substitutable or similar products sold before their entry into force. While put and call options work well in a joint venture in which only two parties are involved, the more complex the procedure becomes, the more shareholders or partners there are in the business. The articles of association of a company govern the operation of the company and specify the purpose of the company, the rights and obligations of its members and directors, as well as the way in which the company as a whole is to work. A joint venture will obviously only have status if it is a company and if the articles of association supplement the provisions of the joint venture agreement. While a joint venture agreement can be concluded with a foreign company or a foreign person, it is important to take into account complex legal and tax considerations in order to protect your business interests. For example, you need to consider whether: You don`t need to register a joint venture, but if you are setting up a separate legal entity as a business, you need to comply with the relevant rules for starting a business and all HMRC registration requirements. . . .