Recently, you were contacted by a friend who was thinking of signing a Joint Venture agreement to fund a new shopping center to be built in Melbourne.Along with several other investors, each party will invest $25,000 in the venture in order to pay for the building and construction work. Your friend knows several of the other investors and is looking forward to working closely with the other investors on this new project, however, your friend feels very strongly about keeping his business affairs completely separate from those of other investors.

Required: What are some of the risks your friend should know about before choosing to enter this Joint Venture arrangement? You must refer to the legislation and/ or case law and clearly define all business structures that may impact the advice you give your friend