A legal entity in Vietnam

Hi DMS Law firm in Vietnam! What is a juridical person or legal entity ? 

Hi!

An organization shall be recognized as a legal entity if it meets all of the following conditions:

A juridical person is a legal entity created by the law which is not a natural person;

A legal entity.

An organization shall be recognized as a legal entity if it meets all of the following conditions:

It is legally established as prescribed in this Code and relevant laws;

It has an organizational structure prescribed in Article 83 of this Code;

It has property independent from other natural and juridical persons and shall be self-liable by recourse to its property;

It participates independently in legal relations in its own name;

Every natural or juridical person has the right to establish a legal entity, otherwise provided for by law.

The name of a legal entity:

A legal entity must have a Vietnamese name;

The name of a legal entity must clearly show its type of organization and distinguish it from other legal entities in the same sector of operations; 

A legal entity must use its own name in civil transactions;

The name of a legal entity is recognized and protected by laws.

Civil liabilities of a legal entity:

Each legal entity shall bear civil liability for the civil rights and obligations established, exercised by its representative in the name of the juridical person.

The legal entity shall bear the civil liability for obligations assumed, exercised by its founder or founder’s representative to establish, register the juridical person, unless otherwise agreed or prescribed by law.

A legal entity shall bear civil liability by recourse to its property; shall not bear civil liability for its members with respect to civil obligations established, exercised by such members not in the name of the legal entity, unless otherwise prescribed by law.

A member of a legal entity shall not bear civil liability of the legal entity for the civil obligations established, exercised by such legal entity, unless otherwise prescribed by la (Articles 74 and 78 The Civil Code No. 91/2015/QH13 dated November 24, 2015).

Related topics:

How to register for acknowledgement of paternity in Vietnam ?

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A juridical person in Vietnam