Who has the right to appoint the President of a single-member limited liability company? What are the rights and obligations of President of a single-member limited liability company in Vietnam?
- Who has the right to appoint the President of a single-member limited liability company in Vietnam?
- What are the regulations on rights and obligations of President of a single-member limited liability company in Vietnam?
- What are the responsibilities of the President of a single-member limited liability company in Vietnam?
Who has the right to appoint the President of a single-member limited liability company in Vietnam?
The authority to appoint the Chairman of a one-member limited liability company is specified in Clause 1, Article 81 of the Law on Enterprises 2020 as follows:
The company’s President
1. The company’s President shall be designated by the company’s owner, perform the owner’s rights and obligations in the owner’s name; perform the company’s rights and obligations in the company’s name, except the rights and obligations of the Director/General Director; take responsibility to the law and the owner for his/her performance as prescribed by the company's charter, this Law and relevant laws.
2. Rights, obligations and working regulations of the company’s President shall comply with the company's charter, this Law and relevant laws.
3. A decision of the company’s President on performance of his/her rights and obligations shall be effective from the day on which it is approved by the owner unless otherwise prescribed by the company's charter.
Accordingly, the Chairman of a one-member limited liability company is appointed by the company owner.
- The company president, on behalf of the company owner, exercises the rights and obligations of the company owner; On behalf of the company, exercise the rights and obligations of the company, except for the rights and obligations of the Director or General Director;
- The company president is responsible before the law and the company owner for exercising assigned rights and obligations according to the provisions of the company's charter, this Law and other relevant laws.
Who has the right to appoint the President of a single-member limited liability company? What are the rights and obligations of President of a single-member limited liability company in Vietnam?
What are the regulations on rights and obligations of President of a single-member limited liability company in Vietnam?
The rights and obligations of President of a single-member limited liability company are prescribed in Clause 2, Article 81 of the Law on Enterprises 2020 as follows:
The company’s President
1. The company’s President shall be designated by the company’s owner, perform the owner’s rights and obligations in the owner’s name; perform the company’s rights and obligations in the company’s name, except the rights and obligations of the Director/General Director; take responsibility to the law and the owner for his/her performance as prescribed by the company's charter, this Law and relevant laws.
2. Rights, obligations and working regulations of the company’s President shall comply with the company's charter, this Law and relevant laws.
3. A decision of the company’s President on performance of his/her rights and obligations shall be effective from the day on which it is approved by the owner unless otherwise prescribed by the company's charter.
Thus, the rights, obligations and working regulations of the company’s President shall comply with the company's charter, this Law and relevant laws.
What are the responsibilities of the President of a single-member limited liability company in Vietnam?
The Chairman of a single-member limited liability company has responsibilities prescribed under Article 83 of the Law on Enterprises 2020 as follows:
Responsibilities of members of the Board of Members, the company’s President, the Director/General Director, other executives and Controllers
1. Comply with regulations of law, the company's charter, decisions of the company’s owner in performance of their rights and obligations.
2. Perform their rights and obligations in an honest and prudent manner to serve the best and lawful interests of the company and its owner.
3. Be loyal to the interests of the company and its owner; do not abuse their power and position or use the enterprise’s information, secrets, business opportunities and assets for personal gain or serve any other organization’s or individual’s interests.
4. Promptly and fully notify the company of the enterprises that they own or have shares/stakes or that their related persons own, jointly own or have separate controlling shares/stakes. The notifications shall be retained at the company’s headquarters.
5. Other responsibilities prescribed by this Law and the company's charter.
According to regulations, the responsibilities of the President of a single-member limited liability company are as follows:
- Comply with regulations of law, the company's charter, decisions of the company’s owner in performance of their rights and obligations.
- Perform their rights and obligations in an honest and prudent manner to serve the best and lawful interests of the company and its owner.
- Be loyal to the interests of the company and its owner; do not abuse their power and position or use the enterprise’s information, secrets, business opportunities and assets for personal gain or serve any other organization’s or individual’s interests.
- Promptly and fully notify the company of the enterprises that they own or have shares/stakes or that their related persons own, jointly own or have separate controlling shares/stakes. The notifications shall be retained at the company’s headquarters.
- Other responsibilities prescribed by this Law and the company's charter.
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