Short answer
A VOF (Vennootschap Onder Firma / SNC) is the cheapest way to start a business with a partner. A private deed is sufficient (under EUR 200). All partners are unlimitedly liable, but for small duo-entrepreneurs who trust each other, the extreme simplicity often outweighs the risk.
Advantages
Start for under EUR 200
A private deed is sufficient, no notary required
No minimum capital
Start with what you have: money, labour or goods, no minimum
Legal personality
The VOF can enter into contracts and own property itself
Flexible contributions
One partner contributes money, the other labour. Ideal for unequal contributions
No published annual accounts
More discretion than a BV
Ideal as a test phase
Prove your concept together, switch to a BV when it grows
Disadvantages
Unlimited liability
All partners are liable with their entire personal estate
Joint and several liability
If your partner incurs debts, creditors can also come to you
At least two partners
You cannot set up a VOF on your own
Trust is everything
Without complete trust in your partner, a VOF is a ticking time bomb
When to choose?
- Husband/wife team, siblings or close friends who want to start a business together
- Small webshop, freelance combination or local services with limited risk
- Test phase: prove a concept together before investing in a BV
- You want to start quickly and cheaply without a notary or administrative burden
When not?
- You do not know your partner well enough to put your house on the line
- You are taking financial risks (debts, staff, large contracts)
- You expect to grow quickly: start with a BV right away
3. Not sure?
Most entrepreneurs hesitate between a few legal forms. Here are the most common comparisons.
The BV costs more to set up (notary required) but protects your personal assets. With a VOF you are unlimitedly liable. The VOF only makes sense if you want to save on notary costs and fully trust your partner.
Both have unlimited liability and no minimum capital. The difference: a VOF has legal personality (can enter into contracts itself), a partnership does not. A VOF is published, a partnership is completely discreet.
How many VOF's are there in Belgium?
View the exact figures, top cities, popular sectors and age distribution.
View the statistics →4. Frequently asked questions
What is a VOF?
A VOF (Vennootschap Onder Firma / SNC) is a company with legal personality where all partners are unlimitedly and jointly liable. No notary or minimum capital required.
What is the difference between a VOF and a partnership?
A VOF has legal personality and is published. A partnership does not. Both have unlimited liability.
Why would I choose a VOF over a BV?
Only if you want to avoid notary costs and fully trust your partner. In all other cases, a BV is safer.