Germany: Root and branch reform
On 26 June, the German Parliament passed the Companies Law Reform Act (MoMiG). While it still needs the approval of the council of states (Bundesrat), the Act is expected to come into force by November. The reform is far-reaching and primarily affects the two most significant corporate forms in Germany, the private limited liability company (GmbH) and the limited partnership, where a GmbH is the general partner (GmbH & Co. KG), although it also has some effect on stock corporations (AG). The public focus has been on the possibility of using a so-called 'entrepreneur's company' (Unternehmergesellschaft), a special GmbH, which will not require equity contributions but will require retained earnings until a certain equity level has been reached. Also, it will be possible to rely on shareholder lists filed with the commercial register.
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