trực tiếp bóng đá euro hôm nayAre general partners allowed to transfer their stake to another company in Vietnam?

Are general partners allowed to transfer their stake to another company in Vietnam?

Pursuant to Article 180 of trực tiếp bóng đá euro hôm nay Law on Enterprises in 2020 stipulating limitations of general partners:

Limitations of general partners

1. A general partner must not be trực tiếp bóng đá euro hôm nay owner of a sole proprietorship; must not be a general partner of another partnership unless it is accepted by trực tiếp bóng đá euro hôm nay other general partners.

2. A general partner must not, in their own names or others’ names, do business in trực tiếp bóng đá euro hôm nay same busines lines as those of trực tiếp bóng đá euro hôm nay partnership for personal gain or to serve trực tiếp bóng đá euro hôm nay interests of another organization or individual.

3. A general partner must not transfer part or all of his/her stake in trực tiếp bóng đá euro hôm nay company to another organization or individual unless it is accepted by trực tiếp bóng đá euro hôm nay other general partners.

As regulated above, a general partner must not transfer part or all of his/her stake in trực tiếp bóng đá euro hôm nay company to another organization or individual.

However, if trực tiếp bóng đá euro hôm nay other general partners, that general partner may transfer part or all of his/her stake in trực tiếp bóng đá euro hôm nay company to another organization or individual.

Are general partners allowed to transfer their stake to another company in Vietnam? - image from internet

What are rights of general partners in Vietnam?

Pursuant to Clause 1 Article 181 of trực tiếp bóng đá euro hôm nay Law on Enterprises in 2020, a general partner has trực tiếp bóng đá euro hôm nay rights to:

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

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

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

- Request trực tiếp bóng đá euro hôm nay partnership to pay compensation for damage that is not on account of that partner.

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

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

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

- When a general partner dies, his/her heir shall receive a value of assets minus trực tiếp bóng đá euro hôm nay partner’s debts and other liabilities. trực tiếp bóng đá euro hôm nay heir may become a general partner if accepted by trực tiếp bóng đá euro hôm nay Board of Partners;

- Other rights prescribed by this Law and trực tiếp bóng đá euro hôm nay company's charter.

What are obligations of general partners in Vietnam?

Pursuant to Clause 2 Article 181 of trực tiếp bóng đá euro hôm nay Law on Enterprises in 2020, a general partner has trực tiếp bóng đá euro hôm nay following obligations:

- Manage and do business in an honest and prudent manner to ensure trực tiếp bóng đá euro hôm nay partnership’s lawful and best interests;

- Manage and do business in accordance with law, trực tiếp bóng đá euro hôm nay charter, resolutions and decisions of trực tiếp bóng đá euro hôm nay Board of Partners; pay compensation for trực tiếp bóng đá euro hôm nay damage caused by his/her violations of these;

- Do not use trực tiếp bóng đá euro hôm nay partnership’s assets for personal gain or to serve trực tiếp bóng đá euro hôm nay interests of any other organization or individual;

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

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

- Incur trực tiếp bóng đá euro hôm nay loss that is proportional to his/her stake or as agreed in trực tiếp bóng đá euro hôm nay charter in case trực tiếp bóng đá euro hôm nay partnership makes a loss;

- Submit monthly written reports on his/her performance to trực tiếp bóng đá euro hôm nay partnership; provide information on his/her performance for other partners on request;

- Other obligations prescribed by Law and trực tiếp bóng đá euro hôm nay charter.