All partners of the partnership auction company Must be an auctioneer, right?

All general partners of a partnership auction company are required to be auctioneers, right?

Requirements for partners of a partnership auction company are specified in Clause 3, Article 23 of the Auction Law 2016 assets are as follows:

Enterprise asset auctions

1. Asset auction enterprises are established, organized and operate in the form of private enterprises and partnerships according to the provisions of this Law and other relevant laws.

2. The name of the private auction enterprise is chosen by the business owner, the name of the partnership auction company is chosen by agreement among the members and according to the provisions of the Enterprise Law but must include the phrase “private auction enterprise” or “partnership auction company”.

3. Conditions for registering the operation of an asset auction enterprise:

a) A private auction enterprise whose owner is an auctioneer and also the Director of the enterprise; A partnership auction company has at least one partner who is an auctioneer, the General Director or Director of the auction partnership is an auctioneer;

b) Has headquarters, facilities, and necessary equipment to ensure asset auction activities.

4. Contents related to the establishment, organization, operation and termination of operations of asset auction enterprises not specified in this Law shall comply with the provisions of law on enterprises.

Accordingly, one of the operating registration conditions for a partnership auction company is that the partnership auction company has at least one partner who is an auctioneer, and the General Director or Director of the auction partnership is an auctioneer.

Thus, the law only requires that a partnership auction company have at least one partner who is an auctioneer, it is not necessary that all partners of the auction partnership must be auctioneers.

Can a partnership auction company establish a branch?

Branch of a partnership auction company is specified in Clause 1, Article 29 of the 2016 Law on Asset Auctions as follows:

Branch of an asset auction enterprise

1. Branches of asset auction enterprises are established within or outside the province or centrally run city where the asset auction enterprise is registered to operate. The asset auction enterprise is responsible for the branch’s operations. The asset auction enterprise appoints one of the enterprise’s auctioneers to be the branch head.

2. The asset auction enterprise submits a set of documents to register the operation of the enterprise branch to the Department of Justice where the branch is located. Documents include:

a) Application for registration of branch operations;

b) Decision to establish a branch;

c) Certified copy or copy enclosed with the original for comparison of Enterprise Operation Registration Certificate;

d) Certified copy or copy accompanied with the original for comparison Refer to the Auction Practice Certificate of the Branch Head;

đ) Documents proving the branch’s headquarters.

Thus, according to the above regulations, a partnership auction company can establish a branch within or outside the province or centrally run city where the company is registered to operate.

Dossier to register to establish a branch of a partnership auction company includes:

– Application for registration of branch operations;

– Decision to establish a branch;

– A certified copy or a copy enclosed with the original for comparison of the enterprise’s operation registration certificate;

– A certified copy or a copy enclosed with the original for comparison of the Branch Head’s Auction Practice Certificate;

– Documents proving the branch’s headquarters

From what time can a branch of a partnership auction company operate?

The operating time of a branch is specified in Clause 4, Article 29 of the 2016 Law on Asset Auctions as follows:

Branch of an asset auction enterprise

…

3. Within 07 working days from the date of receipt of complete and valid documents, the Department of Justice shall issue an Operation Registration Certificate to the branch; In case of refusal, the reason must be notified in writing. Rejected businesses have the right to complain and sue according to the provisions of law.

4. The branch operates from the date of issuance of the Operation Registration Certificate. Within 07 working days from the date of issuance of the branch’s operation registration certificate, the enterprise must notify in writing along with a copy of the branch’s operation registration certificate to the Department of Justice where the enterprise registered its operations.

Thus, according to regulations, a branch of a partnership auction company can operate from the date it is granted an Operation Registration Certificate.

Note: Within 07 working days from the date of issuance of the branch’s operation registration certificate, the partnership auction company must notify in writing with a copy of the branch’s operation registration certificate to the Department of Justice where the partnership auction company registered to operate.