Company forms & non-profit (Belgium).

Details

• Source (VLAIO): https://www.vlaio.be/nl/begeleiding-advies/start/opstart-van-je-onderneming/opstarten-7-stappen/vennootschapsvormen-en-vzw
• Extra source (Liantis): https://blog.liantis.be/nl/boekhouders-en-accountants/kiezen-voor-vof-of-commv-voordelen

Association vs. company (in short)

• Company: intended to make profit and can distribute profit to shareholders/partners.
• Non-profit (vzw): pursues a disinterested purpose. A vzw may make profit, but cannot distribute it; profit must serve the purpose.

Overview of company forms (Belgium)

1) Partnership (maatschap)

• Without legal personality.
• Pros: low start-up costs, few formalities, no minimum capital, no financial plan.
• Con: unlimited liability.

2) General partnership (VOF)

• Partners have joint and unlimited liability.

3) Limited partnership (CommV)

• Managing partners: unlimited liability.
• Silent partners: risk in principle limited to their contribution.

4) BV (private limited liability company)

• Common choice to protect private assets.
• No minimum capital, but requires a solid financial plan and sufficient starting capital.

5) NV (public limited company)

• Often for larger companies; source mentions minimum capital €61,500.

6) CV (cooperative company)

• For cooperative models; limited liability; possible official recognition.

Why choose VOF/CommV over BV? (Liantis – extra notes)

• Lower start-up costs (often no notary required)
• No mandatory financial plan / minimum starting capital requirements
• Fewer legal formalities
• Cheaper to close
• More discretion (financial statements not publicly available like BV)

Note: unlimited liability makes these less suitable for high-risk activities.

Quick rules of thumb

• Limited liability important → usually BV.
• Fast/cheap start and low risk → VOF/CommV (be mindful of liability).
• Cooperative model → CV.
• Disinterested purpose, no profit distribution → vzw.