A sole proprietorship is a business model where one individual owns and fully controls the operations, assuming complete responsibility for its debts and activities. This type of business is governed by the 2020 Enterprise Law in Vietnam, which outlines its unique characteristics, such as unlimited liability and non-separation of business and personal assets. 1. What […]
Transforming a sole proprietorship into another business form can be an essential step for growth, better alignment with the business’s development, or compliance with legal requirements. This article outlines the different types of business transformation available for sole proprietors, including the necessary conditions, procedures, and documentation for each transformation. 1. What is a Sole Proprietorship? […]
When deciding between a single-member LLC and a sole proprietorship, business owners must weigh factors such as liability protection, taxation, and management. Although these two structures share similarities, they also have important differences that can impact the business’s operation and financial responsibilities. Similarities Differences Single-member LLC Sole proprietorship Ownership Individuals or organizations (Clause 1, Article […]