14/01/2022
What is a different between setting up a company and partnership? 🤔
Once people decide to run their own business in Thailand, setting up a legal entity will create more credibility than an individual. Moreover, if you are a foreigner, you can use your legal entity to deal with your VISA and work permit issue, including purchasing land and house in Thailand. Therefore, it leads to the question that “What type of legal entity should I register?”
🔴Partnership🔴
You need at least 2 promoters to register the partnership. The process of registration is less complicate than the company. There are 2 types of partnership which are ordinary partnership and limited partnership. For the ordinary partnership, all of the partners have unlimited liability which differs from limited partnership. There are 2 types of partners for the limited partnership. One of them is a partner with limited liability and the other is a partner with unlimited liability.
🔵Company🔵
The law requires at least 3 promoters to register the company. Although the process is more complicate, the liability of the shareholders is limited. It can be said that it is safer for the investors to be a shareholder in a company more than being a partner with unlimited liability of the partnership. However, there are other conditions which must be taken into consideration before setting up any of them.
In case you would like to know more about how to set up the legal entity and which one is more suitable for your business, please send the message to our inbox for free legal consultation.
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