LEGAL CHARACTERISTICS

B.V.

N.V.

Coop

Partnership

Foundation

Separate legal entity

yes

yes

Yes

no

yes

Formal incorporation

notary public

notary public

notary public

by agreement

notary public

Incorporation period

4-6 weeks

4-6 weeks

per direct

per direct

p.m.

Capital divided into shares

yes

yes

n.a. (members)

yes

no

Minimum capital

€ 18.000

€ 45.000

n.a.

n.a.

n.a.

Liability shareholders/partners

restricted to the amount of issued and paid up capital

restricted to the amount of issued and paid up capital

Members have either full / limited or total liability, depending on the form of the COOP

full liability at level general partners, limited liability for "silent partners"

n.a.

Governing bodies

General meeting of shareholders and a management board

General meeting of shareholders and a management board

General meeting of members and a management board

Depends on partnership agreement

management board

General meeting of shareholders

at least once per year

at least once per year

Depends on articles

n.a.

n.a.

Transferability of shares

restricted

no restrictions (bearer shares), entity used for public offerings

Depends on articles

Depends on partnership agreement

n.a.

Registration with chamber of commerce

yes

yes

Yes

yes

depends of the nature and volume of the activities

Preparation of financial statements

compulsory

compulsory

Yes

n.a.

depends of the nature and volume of the activities

Filing of financial statements with Chamber of Commerce

compulsory

compulsory

Yes

n.a.

depends of the nature and volume of the activities

Obligatory audit

Depending on volume of the business (turnover, asset value, number of employeesl)

Yes, if stock listed.  Otherwise depending on volume of the business (turnover, asset value, number of employeesl)

Depending on the volume of the business (turnover, asset value, number of employeesl)

n.a.

n.a.