In his Transactional Real Estate column, Paul, Weiss, Rifkind, Wharton & Garrison partners Mitchell L. Berg and Peter E. Fisch write that control in a real estate joint venture can range from total control by one member to an even split where all decisions must be agreed on by the venturers. Even at the extreme ends of this continuum, however, without a detailed definition of control, there can be uncertainty as to who controls an entity for purposes of a provision restricting assignment.
Defining Control in Transfer Restrictions
New York Law Journal
July 10, 2013