Two or more partners can set up a Partnership (or a Partnership Company). At least two of the partners must be “general partners” and in addition to those, there may also be “limited partners.”
The main difference between the two types of partners lies in liability – while general partners are liable for all obligations of the partnership with their own property, limited partners are merely liable to the extent of their invested capital.
This type of business vehicle is not very popular in Vietnam with foreigners as the unlimited liability poses a great risk. In general, it is rather employed by locals and usually accommodates needs of small businesses.