Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam

Shinta Pangesti(1email), Debora Pasaribu(2), Elisabeth Ryanthie Maya Puteri(3)


(1) Faculty of Law, Universitas Pelita Harapan, Banten, Indonesia
(2) Faculty of Law, Universitas Pelita Harapan, Banten, Indonesia
(3) Faculty of Law, Universitas Pelita Harapan, Banten, Indonesia
email Corresponding Author
CrossMark

Abstract


Introduction: The recognition of Individual LLCs is a concrete step from the government to support micro and small enterprises, which triggers Indonesia's economic growth. However, improvements to the regulation of Individual LLCs are needed immediately.       

Purposes of the Research:  The research aims to explain and analyze the regulatory comparison of an Individual LLC in Indonesia and a Single-Member LLC owned by an Individual in Vietnam.

Methods of the Research: The type of research is normative legal research with statutory and comparative approaches. Data was collected using library research with qualitative analysis.

Results of the Research: The results can see from various aspects, such as the definition, company establishment, organizational structure, rights and obligations of company founders, and conversion. In Indonesia, the definition is outlined in Regulation of the Minister of LHR Number 21/2021, while in Vietnam is regulated in Law on Enterprises 2020. An Individual LLC in Indonesia can only establish by an individual, whereas in Vietnam, the owner of the Single-Member LLC can be an organization or an individual. Indonesia only knows the Company's Director, while there are President and a Director/General Director in Vietnam. The rights and obligations of the owner of an Individual LLC in Indonesia are not explicitly regulated, while Vietnam regulates it. It's possible to convert only an Individual LLC into a Capital Partnership LLC in Indonesia, while in Vietnam, it is possible to change either way. Evaluation and improvement of the regulation of Individual LLCs in Indonesia are urgently needed to create a firm legal umbrella for micro and small business actors.

Keywords


Company Law; Individual Company; Limited Liability Company; Single-Member Company.


DOI


10.47268/sasi.v30i1.1735

Published


2024-03-31

How To Cite


APA: Pangesti, S., Pasaribu, D., & Puteri, E.R. (2024). Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam. SASI, 30(1), 22 - 39. DOI: https://doi.org/10.47268/sasi.v30i1.1735.
IEEE: S. Pangesti, D. Pasaribu, and E.R. Puteri, "Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam", SASI, vol. 30, no. 1, pp. 22 - 39, Mar. 2024. Accessed on: Jul. 16, 2024. [Online]. Available DOI: https://doi.org/10.47268/sasi.v30i1.1735
Harvard: Pangesti, S., Pasaribu, D., and Puteri, E.R., (2024). "Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam". SASI, Volume 30(1), pp. 22 - 39. [Online]. Available DOI: https://doi.org/10.47268/sasi.v30i1.1735 (Accessed on: 16 July 2024)
Chicago: Pangesti, Shinta, Debora Pasaribu, and Elisabeth Ryanthie Maya Puteri. "Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam." SASI 30, no. 1 (March 31, 2024): 22 - 39. Accessed July 16, 2024. doi:10.47268/sasi.v30i1.1735
Vancouver: Pangesti S, Pasaribu D, Puteri ER. Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam. SASI [Internet]. 2024 Mar 31 [cited 2024 Jul 16];30(1):22 - 39. Available from: https://doi.org/10.47268/sasi.v30i1.1735
MLA 8th: Pangesti, Shinta, Debora Pasaribu, and Elisabeth Ryanthie Maya Puteri. "Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam." SASI, vol. 30, no. 1, 31 Mar. 2024, pp. 22 - 39, doi:10.47268/sasi.v30i1.1735. Accessed 16 Jul. 2024.
BibTeX:
@article{SASI1735,
		author = {Shinta Pangesti and Debora Pasaribu and Elisabeth Puteri},
		title = {Comparing an Individual Limited Liability Company in Indonesia and a Single-Member Limited Liability Company Owned by an Individual in Vietnam},
		journal = {SASI},
		volume = {30},
		number = {1},
		year = {2024},
		keywords = {Company Law; Individual Company; Limited Liability Company; Single-Member Company.},
		abstract = {Introduction: The recognition of Individual LLCs is a concrete step from the government to support micro and small enterprises, which triggers Indonesia's economic growth. However, improvements to the regulation of Individual LLCs are needed immediately.        Purposes of the Research:  The research aims to explain and analyze the regulatory comparison of an Individual LLC in Indonesia and a Single-Member LLC owned by an Individual in Vietnam.Methods of the Research: The type of research is normative legal research with statutory and comparative approaches. Data was collected using library research with qualitative analysis.Results of the Research: The results can see from various aspects, such as the definition, company establishment, organizational structure, rights and obligations of company founders, and conversion. In Indonesia, the definition is outlined in Regulation of the Minister of LHR Number 21/2021, while in Vietnam is regulated in Law on Enterprises 2020. An Individual LLC in Indonesia can only establish by an individual, whereas in Vietnam, the owner of the Single-Member LLC can be an organization or an individual. Indonesia only knows the Company's Director, while there are President and a Director/General Director in Vietnam. The rights and obligations of the owner of an Individual LLC in Indonesia are not explicitly regulated, while Vietnam regulates it. It's possible to convert only an Individual LLC into a Capital Partnership LLC in Indonesia, while in Vietnam, it is possible to change either way. Evaluation and improvement of the regulation of Individual LLCs in Indonesia are urgently needed to create a firm legal umbrella for micro and small business actors.},
				issn = {2614-2961},		pages = {22--39}			doi = {10.47268/sasi.v30i1.1735},
				url = {https://fhukum.unpatti.ac.id/jurnal/sasi/article/view/1735}
		}
		
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