CONVERTING A SOLE PROPRIETORSHIP INTO A LIMITED LIABILITY COMPANY


Image source: pages.cs.wisc.edu

This part is about the procedures for conversion between different types of enterprises, I shall tell you about the procedure to switch between sole proprietorship into limited liability companies. This is a more special conversion than other forms because it switches from unlimited liability to limited liability

After ensuring the conditions at Article 199 Law on Enterprise 2014 to make the conversion from sole proprietorship into limited liability companies, business owners will prepare the application for registration of conversion, which includes the following major components:

- Application form for enterprise registration;

- Charter of the converted company according to Article 25 of the Law on Enterprises;

- A list of creditors and unpaid debts, including tax debts, and deadlines for paying them; list of current employees; list of unfinished contracts;

- A list of members as prescribed in Article 26 of the Law on Enterprises in case of conversion into a multi-member limited liability company; legitimate copies of ID papers of the company’s members that are individuals and legitimates copies of certificate of enterprise registration or equivalent documents of the company’s members being organizations.

- A written commitment of the private enterprise’s owner to take personal responsibility with all of his property for every unpaid debt of the private enterprise and to pay the debts when they are due;

- A decision and legitimate copy of the minutes of meeting of the Board of members of the multi-member limited liability company on conversion of the company.

- A written commitment of the private enterprise’s owner or agreement between the private enterprise’s owner and other capital contributors on keep using current employees of the private enterprise.

Within 05 working days from the receipt of the application, the business registration authority shall consider issuing the Certificate of Business registration if all of the conditions in Clause 1 of this Article are satisfied.

New legal information business registration must be updated on the National Business Registration Database within 07 working days after registering.

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