Company with limited liability, abbreviated GmbH and additionally GesmbH/Ges.m.b. H. in Austria, is a type of legal entity common in Germany, Austria and Liechtenstein. In Switzerland it's equivalent to a société à responsabilité limitée, it is an entity broadly equivalent with the private limited company in the United Kingdom and many Commonwealth countries, the limited liability company in the United States. The name of the GmbH form emphasizes the fact that the owners of the entity are not liable or credible for the company's debts. GmbHs are considered legal persons under German and Austrian law. Other variations include mbH, gGmbH for non-profit companies; the GmbH has become the most common corporation form in Germany, since the AG, the other major company form corresponding to a stock corporation, was much more complicated to form and operate until recently. A GmbH is formed in three stages: the founding association, regarded as a private partnership with full liability of the founding partners/members.
Only the registration of the company in the Commercial Register provides the GmbH with its full legal status. The founding act and the articles of association have to be notarized, as well as a number of business transactions, such as transfer of shares, issuing of stock, amendments to the articles of association. Many of those measures have to be filed with the company registry where they are checked by special judges or other judicial officers; this can be a tiresome and time-consuming process, as in most cases the desired measures are valid only when entered into the registry. The founding process is expensive; the foundation of a new GmbH cost about 1000€ - 3000€. The GmbH law outlines the minimum content of the articles of association, but it is quite common to have a wide range of additional rules in the articles. Under German law, the GmbH must have a minimum founding capital of €25,000, from which €12,500 have to be raised before registering in the commercial register. A supervisory board is required if the company has more than 500 employees, the company is run only by the managing directors who have the unrestricted proxy for the company.
The members acting collectively may restrict the powers of the managing directors by giving them binding orders. In most cases, the articles of the association list the business activities for which the directors obtain prior consent from the members. Under German law, a violation of these duties by a managing director will not affect the validity of a contract with a third party, but the GmbH may hold the managing director in question liable for damages. Germany, Austria and Liechtenstein have different national requirements as follows: The concept of a limited liability company existed in the United Kingdom prior to German speaking countries. In 1892, the laws governing the GmbH were adopted in Germany, in Austria in 1906. In the 19th century a legal entity with liability limited to the contributed capital was regarded as something dangerous. Hence, German law has many restrictions unknown to common law systems; because there is no central company registry in Germany but rather several hundred connected to regional courts, administration of the law can be rather different between German states.
Since 2007, there has been an internet-based central company register for Germany, called the Unternehmensregister. In 2008, a derivate form called short UG was introduced, it does not require a minimum founding capital and was introduced to assist company founders in setting up a new company. The UG must enlarge its capital by at least 25% of its annual net profit, until the general minimum of €25,000 is reached. In this case, the word haftungsbeschränkt must not be abbreviated. A gemeinnützige Gesellschaft mit beschränkter Haftung is a special form of a limited liability company with a charitable purpose. Traditional foundations and gGmbHs in Germany do not have minimum annual giving requirements, they are required to spend any profits by the end of the fiscal year it was accrued, are allowed to build capital reserves totaling 10 percent of annual donations or 33 percent of dividends received. Aktiengesellschaft Besloten vennootschap Besloten vennootschap met beperkte aansprakelijkheid Business organizations Corporation Kommanditgesellschaft auf Aktien Limited liability company Società a responsabilità limitata Société à responsabilité limité Fohlin, Caroline.
"Chapter 4: The History of Corporate Ownership and Control in Germany". In Morck, Randall K.. A History of Corporate Governance around the World: Family Business Groups to Professional Managers. University of Chicago Press. Pp. 223–282. ISBN 0-226-53680-7. Franks, Julian. "Ownership and Control of German Corporations". The Review of Financial Studies. Oxford University Press. 14: 943–977. Doi:10.1093/rfs/14.4.943. JSTOR 2696732. Tiede/Ryczewski, "Introduction to the Serbian
During the twentieth century, a number of places in Romania had their names changed for various reasons. For instance, Brașov was called Orașul Stalin by the Communist regime in order to pay homage to the Soviet leader; some of those names were changed back to the original. The reason for many Transylvanian name changes was to give a more "Romanian-sounding" name to certain settlements, since in many case the original Romanian name was too close to the Hungarian or German one, from which it was derived from; this list enumerates the changes made from 1921 onwards. Not included are the names of localities in the Banat, in Transylvania, in Bukovina that were changed from Hungarian and/or German to Romanian after World War I, the names of localities in Northern Transylvania that were changed back to Hungarian from 1940 to 1944, those of localities in Greater Romania that today no longer form part of Romania, such as Southern Dobrudja and the Bugeac
The 2003 Atlantic Coast Conference Baseball Tournament was held at the Salem Memorial Baseball Stadium in Salem, VA from May 20th through May 25th. Georgia Tech won the tournament, in large part by winning three games on the final day of the event, earned the Atlantic Coast Conference's automatic bid to the 2003 NCAA Division I Baseball Tournament; the two teams with the worst records in regular season conference play faced each other in a single elimination situation to earn the 8th spot in the conference tournament. From TheACC.com: On Saturday of the ACC Baseball Tournament, the match-up between the four remaining teams is determined by previous opponents. If teams have played in the tournament, every attempt will be made to avoid a repeat match-up between teams, regardless of seed. If it is impossible to avoid a match-up that occurred the determination is based on avoiding the most recent, current tournament match-up, regardless of seed. If no match-ups have occurred, the team left in the winners bracket will play the lowest seeded team from the losers bracket.
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