vennootskap

Vennootskap is a Dutch word that translates to partnership or company. It refers to a legal structure where two or more individuals agree to share in the profits or losses of a business venture. In the Netherlands and Belgium, "vennootschap" can encompass various forms of business organizations, including general partnerships, limited partnerships, and private limited companies. The specific rights, responsibilities, and liabilities of the partners depend on the type of vennootschap established. A common form is the "vennootschap onder firma" (VOF), which is a general partnership where all partners are jointly and severally liable for the debts of the business. Another is the "besloten vennootschap" (BV), which is akin to a private limited company, offering limited liability to its shareholders. The formation and regulation of vennootschappen are governed by national company law. These entities are created through a formal agreement or contract between the parties involved, outlining the terms of their collaboration, capital contributions, profit distribution, and dissolution procedures. The concept of vennootschap is fundamental to the commercial landscape in Dutch-speaking regions, facilitating collaboration and economic activity.