VenezuelaAccounting and Audit
FORMS OF BUSINESS ORGANIZATION
The principal forms of business organization in Venezuela are the corporation or joint stock company (compania anonima or sociedad anonima), the limited liability company (sociedad de responsabilidad limitada), and the general partnership (sociedad en comandita). Foreign investors may set up branches in Venezuela. All these forms are liable for corporate income tax.
Joint ventures and consortiums are often used to carry out a specific project or pursue a specific activity. The participants are separately liable, but, in the case of a long-term joint venture, they generally set up a distinct entity for the purpose, such as a corporation.
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