Set Up Partnership (SENC)
A partnership (SENC) is a trading company functioned mainly by the unlimited addition and several liabilities of the companions for all the commitments of the company. To demonstrate this liability, the company title has to include the name of one or more companions.
A SENC must have at least two companions, who may be natural or legal persons.
The companions of a SENC are deemed to be trading with their name.
A SENC is an especially exciting form of organization for small and medium-sized,,family-run’’ businesses in the commercial or crafts sector that want to benefit from.
Easy and cheap rules;
No minimum capital needs;
The freedom to draft the articles of organization as it sees fit.
Given the requirement for unanimous agreement on the transfer of shares, but this kind of organization is not suitable for organizations with an enormous amount of companions.
Requirements to SENC Partnership
- No least amount share capital;
- Evidence in the articles of the company of the amount the contribution capital and the assets contributed or to be contributed to the alliance by the companions;
- Share capital signified in the articles of the company has to be right and completely subscribed;
- Share capital: contributions in cash or in kind (no auditor’s report needed);
- contributions in the industry are achievable but do not create part of the share capital.
Structure of the company shares
- Only signed shares.
- Natural or permissible persons;
- Experience as a merchant.
- Minimum 2 companions;
- No utmost number.
The companions have unlimited addiction and several liabilities for all the commitments of the association on their assets towards:
- Association creditors up to associations assets, with the personal assets of the companions;
- The tax administration, if the liabilities result from the activities of the business (VAT, communal business tax)
- The other companions, as addiction and several co-debtors unless otherwise stipulated in the articles of association.