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By Simone Janson (More) • Last updated on October 15.03.2023, XNUMX • First published on 18.09.2022/XNUMX/XNUMX • So far 6349 readers, 3165 social media shares Likes & Reviews (5 / 5) • Read & write comments
The Choice the right legal form can have a decisive influence on the company's success. What do founders have to watch out for?
Each entrepreneur must choose the right legal form - preferably when writing the business plan, because financiers are usually also very interested in this topic. A lot depends on the legal form, for example the following points:
Even if the topic is legally complicated: It is therefore absolutely necessary to deal with it in more detail. In fact, however, choosing the right legal form is not as difficult as it seems at first glance, because the framework conditions restrict it selection noticeably one.
Therefore, every business start-up should first define these framework conditions and define their decision-making criteria - eg in the form of a checklist as above, which shows whether you work alone or with others, whether there is equity capital, how much effort is required for bookkeeping and what taxation is required for this Companys is advantageous. Next to it is also the Personality important to the entrepreneur.
Basically, when choosing the legal form, you should distinguish between two large groups: partnerships and corporations. The partnerships include the sole proprietorship, the Society civil law, the general partnership, the limited partnership and the partner company. The corporations include the GmbH in all variants, the limited and the stock corporation. The person of the entrepreneur himself also decides on the selection:
The big advantage of partnerships compared to corporations is: The effort involved in founding a company is high clear lesser, especially what Accounting and Taxes concerns. In fact, you can get started right away, you don't even have to register. For freelancers who are setting up a sole proprietorship, it's even enough to register with the tax office.
Your disadvantage as the founder of a partnership is the personal liability risk of the entrepreneur. In contrast to a corporation, partners in a partnership are regularly liable without limitation, i.e. with the company's assets and with their private assets. However, this can at least be reduced by contractual agreements, and there are also exceptions in the case of the GmbH & Co KG.
However, sometimes it is despite the increased bureaucracy usefulto form a corporation. Namely, when you get the impression of a big Company wants to awaken if the company is to be run with a fantasy name, if the Turnover exceed a certain magnitude. Above all, however, corporations offer an advantage over partnerships: they limit the liability of the entrepreneur more than is possible with partnerships. And there are also numerous tax advantages, if designed accordingly.
In contrast to the previously mentioned partnerships, corporations are legal entities without any restrictions and may conclude contracts, own assets earn, make a profit, but have to pay corporation tax. However, you have to note: The formation of a corporation costs significantly more time and money Money than the formation of a partnership as well as privileges that may have existed beforehand, such as exemption from the obligation to keep accounts.
Which legal form is ideal for your company depends, among other things, on whether you work with others, how much time you spend on bookkeeping invest want and what image your company should have. We will show you the most popular legal forms in Germany and tell you what is important when making your selection.
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Simone Janson is publisher, Consultant and one of the 10 most important German bloggers Blogger Relevance Index. She is also head of the Institute's job pictures Yourweb, with which she donates money for sustainable projects. According to ZEIT owns her trademarked blog Best of HR – Berufebilder.de® to the most important blogs for careers, professions and the world of work. More about her im Career. All texts by Simone Janson.
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