How to set up and successfully manage a limited liability company
Establish and manage your LLC successfully — step-by-step instructions. Expert advice for successfully setting up a business.
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In this article, we give you comprehensive insights into the process of establishing and managing a LLC. A LLC (limited liability company) is one of the most popular types of business in Germany, and we will explain to you step by step how you can set up and successfully operate your own business.
Step 1: Choosing the company name
The first step in setting up a GmbH is choosing a suitable company name. This should be unique and not already registered by another company. We recommend using online databases to ensure that your chosen name is available.
Step 2: The shareholder agreement
A shareholder agreement is a decisive document for establishing a LLC. This document defines the rights and obligations of shareholders. It is advisable to seek legal advice to ensure that the agreement includes all necessary clauses.
Step 3: The share capital
The GmbH requires a minimum share capital, which can be provided in cash or contributions in kind. This capital serves as the financial basis for the company. The amount of share capital may vary, depending on the needs of your company.
Step 4: Notarial certification
The formation of a LLC requires the notarization of the articles of association. This step ensures that all legal aspects are properly met. A notary will review and confirm the articles of association.
Step 5: Registration in the commercial register
After notarization, the GmbH must be entered in the commercial register. This is an important step towards officially registering your company and becoming legally binding.
Step 6: Taxes and Accounting
As a LLC, you are subject to tax and must properly document your business activities. Sound bookkeeping and tax advice are essential to meet tax obligations.
Step 7: Management and Compliance
Managing a GmbH requires compliance with legal regulations and compliance requirements. This is crucial to avoid legal problems and to run the business successfully.
Conclusion
Establishing and managing a LLC requires careful planning and compliance with legal obligations. With the right preparation and support, you can successfully establish and expand your business. Follow the steps above and seek professional advice when needed to pave your way to success.