DECREE No. 23/2007/ND-CP. Detailing the Commercial Law regarding goods purchase and sale activities or related activities of foreign-invested enterprises in Vietnam
There are four basic types of business entities: sole-proprietorships, partnerships, corporations, and limited liability companies, each with its own advantages and disadvantages. Consider these factors when choosing which is right for your business: Tax aspects, legal requirements and the potential for personal liability.
What is a Limited Liability Company (LLC) and is it a better form for your business than a corporation? LLCs generally have all the benefits of a corporation when it comes to limiting the business owner’s liability. The advantage of an LLC is the management flexibility it allows, and the potential tax benefits.
If you are considering setting up your business as a limited liability company (LLC), you may be attracted by the idea of limiting your personal liability as you would with a corporation while being taxed as a partnership. However, you need to make sure that your LLC is set up properly so that it accomplishes your objectives. Otherwise, you might end up with the limited liability, but not get the partnership tax status.
Not every corporation is a C-Corporation or an S-Corporation. If certain professionals want to operate as a corporation, they must incorporate as a Professional Corporation. Other types of organizations that want to incorporate may qualify to incorporate as Nonprofit Corporations.
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