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What does VOF mean?

VOF means partnership under firm

A VOF is a simple way in which 2 (or more) people can create a company together. In a VOF there is no limited liability: decisions are therefore taken together and they are liable for each other's administration. A VOF can be set up by a real person or by a legal entity (sometimes a VOF for a particular project). The establishment of a VOF does not require a notary, only a registration of the Chamber of Commerce. It is sensible to have some issues about profit distribution, etc. Capture. Associates pay income tax on their own profits. Each partner is an independent entrepreneur and is entitled to deductions and exemptions (business deduction, investment deduction and tax retirement).

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