Module 1 · Corporate Issuers

Organizational Forms, Corporate Issuer Features, and Ownership

EN: Conceptual — sole proprietorship, partnerships, corporations and ownership types.
VN: Khái niệm — các hình thức tổ chức và sở hữu doanh nghiệp.

1. Major Organizational Forms Concept

About: Sole prop / partnership / corporation / LLC differ on liability, tax, ownership transferability, life. Choice drives capital-raising flexibility and personal risk for founders.Tóm tắt: Tổ hợp khác nhau về trách nhiệm, thuế, chuyển nhượng. Quyết định khả năng huy động vốn và rủi ro cá nhân.

Sole prop. One owner; unlimited liability; pass-through tax.
Partnership Multiple owners; general (unlimited liab.) or limited (LP).
Corporation Separate legal entity; limited liability; double taxation (US C-corp).
LLC Limited liability + pass-through tax.

2. Public vs Private Companies Concept

About: Public — listed, dispersed ownership, heavy disclosure, easier capital access. Private — concentrated, less disclosure, harder to liquidate ownership. For-profit vs non-profit different objectives.Tóm tắt: Niêm yết vs riêng tư khác về sở hữu, công bố, khả năng huy động vốn.

Public Listed on exchange, dispersed ownership, regulatory disclosure.
Private Limited shareholders, less disclosure.
For-profit Maximize shareholder value.
Non-profit Reinvest surpluses; no shareholders.

3. Government vs Family Ownership Concept

About: SOE — state-owned, gov interest may diverge from minority shareholders. Family — concentrated, long-term focus but related-party-transaction risk. Both have minority-protection concerns.Tóm tắt: SOE (rủi ro lợi ích xung đột) và family-owned (related-party). Cả hai cần bảo vệ cổ đông thiểu số.

SOE State-owned enterprise — government interest may diverge from minority shareholders.
Family Concentrated ownership — long-term focus but related-party-transaction risk.

Practice problem Practice

Practice problem

A US-based startup wants limited liability for owners and pass-through taxation (avoid double tax). Which form best fits?

Show solution

Sole prop / partnership: pass-through but unlimited liability.

C-corp: limited liability but double tax.

LLC: limited liability + pass-through.

LLC (Limited Liability Company)