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A Uniform Commercial Code filing, also known as a UCC filing, is a document that lenders use to establish their legal right to assets that a borrower uses to secure a loan. This notice allows the lender to seize the borrower's collateral in the case of default.

A UCC filing gives other lenders notice that the lender has a first-position lien on collateral if the borrower defaults on their loan. A subsequent lender can take a second-position lien against the same collateral, but will only be able to seize that collateral if the first-position lien has already been satisfied.

DO: Always use the Debtor's exact Legal Name and Address. The debtor's name should match what is listed on their legal license along with the correct address, or on the most recently filed corporate documents. Include the Lender's Name and Address. Provide a description of the collateral.

Standard Documents and Clauses Alliance Agreement. Confidentiality Agreement: Joint Venture. Letter of Intent: 50/50 Joint Venture. Letter of Intent: Majority/Minority Joint Venture. Joint Venture Formation Agreement. LLC Agreement (Two Member, Managing Member-Managed) LLC Agreement (50/50 Joint Venture, Board-Managed)

A joint venture is not a partnership or a corporation, although some legal aspects of a joint venture (such as income tax treatment) may be ruled by partnership laws. Joint ventures are widely used to gain entrance into foreign markets.

It is highly recommended, however, that a complete written agreement is created to avoid confusion and dispute at a later time. See our article on Oral or Written Contracts. The agreement entered into between the parties must evidence the intent of the parties to enter into a joint venture.