FIRM (“V.O.F”)

A firm; a partnership which can be entered into ​​by natural persons or legal entities. The firm is a form of a partnership which is used more specifically to run a business.

Everything that the parties consider important for their cooperation has to be recorded, because the law provides little legislation. However, the law provides that the partnership contract must be recorded in writing, but the form (by notarial deed or private instrument), however, is not prescribed. It is adviced to record the firm in a notarial deed, because this form offers a better legal position.

The civil law notary can advice on the most important stipulations of the agreement and judge the most important fiscal effects of the incorporation of this kind of partnership.