Description of GmbH

Minimum CapitalEURO 25.000,00
Name of CompanyAny name could be chosen. Compulsory ... to add ... abbreviation "GmbH".
SeatLocation of administration
Purpose of ... GmbHAny legal purpose. Some purposes need ... prior approval of ... authorities.
Legal ExistenceWith its registration with ... Commercial Register.
Further compulsory registrationThe business has ... be registered.
LiabilityThe company ... only liable for its obligations with its own capital. After ... registration of ... GmbH with ... Commercial Register, there ... basically no liability of ... shareholders.
Number of shareholders One (minimum)
Date of PaymentThe minimum payment of EURO 12.500,00 must be at ... free, full ... final disposition of ... managing directors ("Geschäftsführer") when ... application for registration of ... GmbH ... filed with ... Commercial Register.
Managing Director

As many as necessary, but at least one, does not need any German work permit ... German residence ... nationality, must sign personally ... filing documents for ... Chamber of Commerce.

He ... appointed by shareholders' resolution ... has ... be, just for declarative purposes, registered ... the Commercial Register. Registration has no consequences for ... validity of ... appointment.

Power of Representation of ... Managing Director

He represents ... company ... and out of court.

He ... authorized by law ... represent ... all respects ... any restrictions imposed ... him are valid only internally, not vis-a-vis third parties.

In case of more than one Managing Director ... representation must be collective. ... articles of incorporation ... shareholders´ resolutions may admit exceptions. ... case of bankruptcy, he ... held responsible for filing ... bankruptcy.

The "Prokurist"He ... empowered by ... so-called "Prokura" mentioned ... Sec. 49 of ... German Commercial Code (HGB). ... "Prokura" can be given as a single Prokura ... as a joint Prokura. He ... appointed by ... Managing Director ... the basis of shareholders' resolution. His appointment has ... be, just declaratory, registered with ... Commercial Register.
The Power of Representation of ... "Prokurist"He has ... authority for every kind of judicial ... non-judicial type of business, except entering into agreements regarding ... sale ... encumbrance of real estate as well as filing ... bankruptcy ... filing with ... Commercial Register. He also may not give Prokura ... other persons. ... case of a joint Prokura a second Prokurist ... a Managing Director has ... agree ... any transaction entered into by ... Prokurist ... behalf of ... company. Restrictions concerning ... Prokura are only binding internally, not vis-à-vis third parties. ... case of violation against these restrictions, claims of damage may be caused. However, ... case of knowledge of these restrictions, agreements of third parties with ... Prokurist, acting ... behalf of ... company transgressing ... restrictions, lack validity.

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