Term · Starting out
General partnership (VOF)
Vennootschap onder firma: two or more business owners running a business together. Each partner pays income tax on their share of the profit.
Each partner is jointly and severally liable, including for debts incurred by another partner. That is why you should record agreements on profit sharing, contributions and leaving in a partnership agreement.
Each partner is individually entitled to the entrepreneur's deductions if they meet the conditions.