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The DC Code: § 2-218.39a Joint venture business enterprises.

Index2 Government Administration. (Refs & Annos)
a
A business enterprise shall be eligible for certification as a joint venture business enterprise if the joint venture has a member that owns a majority interest or minority interest in the joint venture business enterprise and meets the definition of a certified business enterprise pursuant to § 2- 218.02.
b
For the purposes of this section, the term:
1
"Majority interest" means:
A
More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise or more than 50% of the total value of all of the joint venture business enterprise;
B
A financial contribution to the enterprise of more than 50%; and
C
More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
2
"Minority interest" means:
A
Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise or less than 50% of the total value of all of the joint venture business enterprise;
B
A financial contribution to the enterprise of less than 50%; and
C
Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
c
The Department shall consider the defined contributions and defined benefits provided by each member of the joint venture, which shall be demonstrated by the following information:
1
Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members; and
2
Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements.
d
Decisions concerning the affairs of the business shall require the consent of those members with voting rights holding at least a majority interest in the business.

Historical and Statutory

Legislative History of Laws For Law 18-141, see notes following § 2-218.02. DC CODE § 2-218.39a Current through December 11, 2012

Credits

(Oct. 20, 2005, D.C. Law 16-33, § 2339a, as added Apr. 20, 2010, D.C. Law 18-141, § 2(g), 57 DCR 1485.)