Transfer of Car Ownership to a Company: Is It Mandatory?
Pursuant to Point a, Clause 1, Article 35 of the Law on Enterprises 2020 which stipulates as follows:
- Members of limited liability companies, partnerships, and shareholders of joint-stock companies must transfer the ownership of contributed assets to the company as follows:
a) For assets with registered ownership or land use rights, the contributor must carry out procedures to transfer the ownership of such assets or land use rights to the company in accordance with the law. The transfer of ownership or land use rights concerning contributed assets is exempt from registration fees;
Thus, for assets such as cars, which are movable assets requiring registration of ownership, the ownership of the contributed assets must be transferred to the company in accordance with the regulations.
Sincerely!
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