What are characteristics of partnerships in Vietnam? Do partnerships have status of a juridical person in Vietnam?

What are characteristics of partnerships in Vietnam? 

Pursuant to Article 177 of the Enterprise Law 2020, partnerships are as follows:

1. A partnership is an enterprise in which:

a) There are least 02 partners that are joint owners of the company and do business under the same name ((hereinafter referred to as “general partner”). There can be limited partners in addition to general partners;

b) A general partner shall be an individual whose liability for the company’s obligations is equal to all of his/her assets;

c) A limited partner can be an organization or an individual whose liability for the company’s debts is equal to the promised capital contribution.

2. A partnership has the status of a juridical person from the day on which the Certificate of Enterprise Registration is issued.

3. A partnership must not issue any kind of securities.

Do partnerships have status of a juridical person in Vietnam?

As mentioned in Clause 2 of Article 177 of the Enterprise Law 2020, stipulates:

2. A partnership has the status of a juridical person from the day on which the Certificate of Enterprise Registration is issued.

Specifically, legal entity status meets the following conditions:

- Established under the provisions of this Code and other relevant laws;

- Having an organizational structure as prescribed in Article 83 of this Code;

- Having assets independent of other individuals or legal entities and taking responsibility for their own property;

- Independently participate in legal relations on their own behalf.

Best Regards!