Vof en commV - Legal persons with unlimited liability
Since the legislative reform in 2019, partnerships also include general partnerships (VOF) and limited partnerships (CommV). These, in turn, derive from earlier similar partnership forms. Thus, both the VOF and the CommV are partnerships, but they both have legal personality. This means that they have legal capacity, the capacity to conclude agreements and to incur debts.
The general partnership is a very simple company form that requires few administrative formalities and also does not require start-up capital. You set up a VOF with at least two people. Shares can be transferred relatively easily, but only if all partners consent. An important aspect of the VOF is that all partners are liable for each other with their private assets. This means that poor management by a fellow partner could result in the tax authorities knocking on your door.
Limited partnership (CommV)
The limited partnership or CommV is a partnership that ensures that you can have partners who provide start-up capital, while you, as an entrepreneur, retain control of your business. In this case, you, as business manager, are the managing partner, while the other partners are so-called dormant or limited partners. They have no say in your business operations, but they do make a financial contribution.