The Mini-GmbH

Author: Korts, Sebastian
Publisher: Recht & Wirtschaft Frankfurt am Main;
Edition/Year: 1. Edition 2008

The boom of english Ltds´ in Germany, following the rulings of the European Court of Justice (ECJ) on the European right of establishment has, in the level of the German legislation, resulted in reflecting the comprehensive body of regulations on the establishment and the constitution of the German limited liability company (GmbH) more critically. The result of this reflection is the introduction of the Unternehmergesellschaft or UG (with limited liabilitty) through the law on the modernisation of the legislation on the limited liability company (GmbH) and on the fight against abuses (abbr. MoMiG).

The catchphrase “mini limited liability company (Mini-GmbH)” or even“One-Euro GmbH” may sound populist. However, it fundamentally meets the regulation contents of a new limited liability company (GmbH) quite accurately. With regard to the requirements of the founders of new businesses, which initially only have very little equity, a kind of entrance-level variant is created, the minimum capital of which is arbitrary between EUR 1 and 24,999. In addition to an explanation on the features of the company, the book gives a sample statute, notwithstanding the legal wording, as in most cases the legal samples may not fulfil the special requirements of company founders and thus alternatives on the legal minimum are required.

Furthermore, by means of example balance-sheets and profit-and-loss accounts over several years, the impact of the legally-mandated “compulsory saving” of the Mini-GmbH is exemplified. In addition, the work presents a proposal to “wind down” existing old limited liability companies (GmbHs) in a company – thus benefiting in a reverse direction from the introduction of the company with its arbitrary equity.

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