F11-053 - Dao Hoang Nam.v.1.1.docx

Each structure will have its own pros and cons depend

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Legal structure will shape the business. Each structure will have its own pros and cons, depend on your organization goals and personal financial goal to decide which structure to follow. There are three type of legal structure: 1. Sole trader 2. Partnership 3. Companies or corporation Sole trader is the simplest form of business entity. “With sole proprietorship, one person is responsible for all of a company's profits and debts” (Caramela, 2018, para 3). The business often small, but there is still exist some large companies with managerial authority. To startup, you don t need any kind of formal procedures. The company asset is not distinguish from the owner asset, when debt occur and the company can t pay, the creditor or a bank can require something out of the company asset, for example owner s house, car, and money. The cons here as a sole trader is that fully responsible for company liability, sole trader need to know all skills in every field (eg marketing, HRM, accounting) which is very heavy on a person s shoulder. Partnership is similar to the sole trader but the company will have 2 or more individual carry a business as co-worker on a agreement of sharing profits, salary. Companies and corporation is the biggest with a board of director and a lot of shareholders. The differences is that when the business is in debt, the owner is not responsible, the debts and liability are belong to the business. Companies main activities are divided in two type: Public Limited Company (include „plc in the name) is that can be traded in the official stock market, and Private Limited is the share is can be only purchase directly from stockholders 1.3 Explain the activities of Vietinbank in the respects of legal structure and its activity type and purpose.
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Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) is the public limited company. The government has establish license for the company no 142/GP-NHNN forVietinbank at 3rd July, 2009 (Vietinbank.vn, 2018). The company has three main activities: make banking transaction for individual and businesses, short-long term deposit and loan ,foreigh currency trading. The main purpose supporting economic development for individuals and businesses in Vietnam 1.4 Vision, mission, core values, goals, and objectives (SMART) of Vietinbank. Vision : - Their vision is going to be the top leading commercial bank in Vietnam and also in the religion. Modernize and highly efficient company in banking and financial field Mission : - To be the top bank in Vietnam that brings the international standard to the dearest customers in Vietnam include modern, professional financial product and services Core values : - Always put customer on top, promise to provide unique style of products and services to the customers to fit every need and desire of the customer - Dynamic, creative, profession are the special point which all appeal in the staff of the company - In term of respect in everything to everyone : customer , colleagues, managers - All members should have a responsibility to protect the reputation, develop the image of the company Goal :
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