Is the general partner in Vietnam required to give prior notice when withdrawing capital from kết quả bóng đá trực tiếp?

Hello, Lawnet would like to answer as follows:

1. Is the general partner in Vietnam required to give prior notice when withdrawing capital from kết quả bóng đá trực tiếp?

Article 185 of thetrực tiếp bóng đá hôm naystipulates the case of termination of general partners as follows:

- A general partner status will be terminated if he/she:

+ Voluntarily withdraws capital from kết quả bóng đá trực tiếp;

+ Is dead, missing or incapacitated; has limited legal capacity; has difficulty controlling his/her own behaviors;

+ Is excluded from kết quả bóng đá trực tiếp;

+ Is serving an imprisonment sentence or banned by the court from doing certain jobs;

+ In other cases specified in the charter.

- A general partner is entitled to withdraw capital from kết quả bóng đá trực tiếp if it is accepted by the Board of Partners. In this case, the withdrawing partner shall make a written notification at least 06 months before the withdrawal date and may only withdraw capital at the end of the fiscal year after the financial statement of the same year has been ratified.

- A general partner will be excluded from kết quả bóng đá trực tiếp if he/she:

+ Is not able to contribute capital or fails to contribute capital as promised after a second notice is made by the company;

+ Violates the regulations of Article 180 of thetrực tiếp bóng đá hôm nay;

+ Fails to do business in an honest and prudent manner or has inappropriate actions causing serious damage to the interest of kết quả bóng đá trực tiếp and other partners; or

+ Fails to fulfill a general partner’s obligations.

- In case of termination due to a partner’s being incapacitated or having limited legal capacity or having difficulty controlling his/her behaviors, his/her stake shall be fairly returned.

- For 02 years from the date of termination in the following cases, the partner still jointly has a liability for the company’s debts that occur before the termination date which is equal to his/her total assets.

+ Voluntarily withdraw capital from kết quả bóng đá trực tiếp;

+ Be excluded from kết quả bóng đá trực tiếp;

+ Be serving an imprisonment sentence or banned by the court from doing certain jobs;

+ In other cases specified in the charter.

- After termination of a general partner whose name is used as part of or the whole partnership’s name, that general partner or his/her heir or legal representative is entitled to request kết quả bóng đá trực tiếp to stop using that name.

Thus, A general partner is entitled to withdraw capital from kết quả bóng đá trực tiếp if it is accepted by the Board of Partners. In this case, the withdrawing partner shall make a written notification at least 06 months before the withdrawal date and may only withdraw capital at the end of the fiscal year after the financial statement of the same year has been ratified.

2. What rights and obligations of a general partner in Vietnam?

Rights of a general partner in Vietnam

According to Article 181 of thetrực tiếp bóng đá hôm nay, a general partner has the rights to:

- Participate in meetings, discuss and vote on kết quả bóng đá trực tiếp’s issues; each general partner shall have one vote or a specific number of votes specified in kết quả bóng đá trực tiếp’s charter;

- Do business in kết quả bóng đá trực tiếp’s business lines on its behalf; negotiate and enter into contracts, transactions or agreements under conditions that the partner believes to be most beneficial to kết quả bóng đá trực tiếp;

- Use kết quả bóng đá trực tiếp’s assets to do business in its business lines. In case a general partner advances money to do business on behalf of kết quả bóng đá trực tiếp, he/she is entitled to request kết quả bóng đá trực tiếp to reimburse the principal and interest thereon at market rate;

- Request kết quả bóng đá trực tiếp to pay compensation for damage that is not on account of that partner.

- Request kết quả bóng đá trực tiếp and other general partners to provide information about kết quả bóng đá trực tiếp’s business performance; inspect kết quả bóng đá trực tiếp’s assets, account records and other documents where necessary;

- Receive distributed profits in proportion to his/her stake or as agreed;

- Receive the remaining assets in proportion to his/her stake upon kết quả bóng đá trực tiếp’s dissolution or bankruptcy unless another ratio is specified in the charter;

- When a general partner dies, his/her heir shall receive a value of assets minus the partner’s debts and other liabilities. The heir may become a general partner if accepted by the Board of Partners;

- Other rights prescribed by thetrực tiếp bóng đá hôm nayand the company's charter.

Obligations of a general partner in Vietnam

According to Article 181 of thetrực tiếp bóng đá hôm nay, a general partner has the following obligations:

- Manage and do business in an honest and prudent manner to ensure kết quả bóng đá trực tiếp’s lawful and best interests;

- Manage and do business in accordance with law, the charter, resolutions and decisions of the Board of Partners; pay compensation for the damage caused by his/her violations of these;

- Do not use kết quả bóng đá trực tiếp’s assets for personal gain or to serve the interests of any other organization or individual;

- Return to kết quả bóng đá trực tiếp the money or assets that he/she received when doing business in his/her own name, in kết quả bóng đá trực tiếp’s or another person’s name and has not returned to kết quả bóng đá trực tiếp and pay for any damage caused by this action;

- Jointly pay kết quả bóng đá trực tiếp’s remaining debts (if any) after all of kết quả bóng đá trực tiếp’s assets are used to pay them;

- Incur the loss that is proportional to his/her stake or as agreed in the charter in case kết quả bóng đá trực tiếp makes a loss;

- Submit monthly written reports on his/her performance to kết quả bóng đá trực tiếp; provide information on his/her performance for other partners on request;

- Other obligations prescribed by Law and the charter.

Thus, general partners have many rights such as the right to participate in management, business, use of assets, request information, share profits, divide remaining assets of the company, and other rights.

In addition, general partners also comply with many important obligations such as the obligation to manage and do business in an honest and prudent manner, not to seek personal gain, to bear losses corresponding to their capital contributions, and to incur the loss that is proportional to his/her stake or as agreed in the charter in case kết quả bóng đá trực tiếp makes a loss and other obligations.

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