A hot mergers and acquisitions market goes together with joint ventures like ricotta and honey. (If you've never spread that concoction on a crostini, do it immediately). Matthew Scott, writing for Corporate Secretary, says that with nearly $3.5 trillion in worldwide M&A activity last year, coupled with a sluggish economy, many corporations are considering joint ventures to expand their business.

But not all joint ventures are as delicious as soft homemade cheese. “The quality of a company's due diligence will determine whether it has a successful venture with a shot at profitability, or whether it will enter into a partnership that exposes it to internal investigations, lawsuits and increased regulatory approval,” says Scott.

Here are some of his tips for getting a JV deal that's as sweet as honey.

• Know Your Partner: “Determining that your partner can actually deliver on its claims is just the first step in getting to know it well,” says Scott. Turn an eye to reputation risks, capital, personnel and resources, along with corporate culture. If information is hard to find, turn to people who have worked at the company, such as former business partners or even government officials.
• Include Reputational Diligence: Going into business with a company that has committed corruption in the past is a major no-no. Ensure any potential partner has a Foreign Corrupt Practices Act policy in place, says Scott, as “companies without FCPA policies may be more likely to have a culture of misconduct.”
• Prep the Intellectual Property: It's important to agree on rules at the outset for the allocation of any new intellectual property created by the joint venture, says Scott.