VOF

A general partnership (vof) is a partnership between one or more persons, also called partners, who run a business together under a common name. Each of the partners contributes capital, goods and/or labour.

Agreement

Although there are no formalities for setting up a VOF, it is advisable to have a good contract drawn up in which the agreements between the partners are laid down. Here, it is important to pay attention to the powers, and what kind of effort has to be made by the partners. But also what happens if a partner leaves and much more.

Liability

In the vof, each partner is jointly and severally liable for the vof's debts. If you are not a partner of the vof in private, but through a BV, that BV is liable instead of you as a private person.

Taxes

The vof is fiscally transparent. Fiscally transparent means that for income or corporate tax purposes, it is not the vof that is liable to tax, but the partner for his share in the vof's assets.
For payroll tax, turnover tax and transfer tax, the vof is indeed taxable itself.

End of the partnership

If one of the partners dies or leaves the partnership, the vof ends. In a partnership contract, you can make arrangements so that the VOF can still continue in the event of death or resignation. You can also regulate when a partner must resign and the financial consequences of resigning.

Although a notary is not required for setting up a VOF, we have so much specialist knowledge in this area that it is useful to make use of it. This way, you can avoid expensive legal proceedings. We will be happy to advise you on setting up a vof and assessing an existing partnership contract.