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General
Deleting a Land Charge from the Land Register: Step-by-Step Guide
- To delete a land charge, the creditor must grant approval for the deletion, the property owner must consent, and an application must be submitted to the land registry.
- If another loan is to be taken out with the same bank in the near future, for which the land charge will again serve as security, it is advisable not to delete the land charge in order to avoid unnecessary costs.
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Conversion of a UG into a GmbH
- The “conversion” of a UG into a GmbH takes place through a capital increase.
- In particular, a capital increase from company funds or a cash capital increase may be considered.
- The costs for such a capital increase usually amount to several hundred euros.
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GmbH vs. UG: Which legal form is right for you?
- A GmbH and a UG are both limited liability companies.
- Forming a GmbH requires significantly higher share capital.
- The conversion of a UG into a GmbH is carried out through a capital increase.
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What is a Heritable Building Right Agreement?
- The heritable building right entitles the leaseholder to acquire ownership of a building constructed on land owned by another party.
- The heritable building right provides a way to acquire ownership of a house without having to purchase the underlying land.
- The leaseholder must pay the landowner a ground rent for the use of the property.
- Heritable building rights are generally granted for a fixed term (e.g. 100 years).
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The Sale of GmbH Shares
- The purchase agreement for GmbH shares must be notarised.
- Whether the shares can be freely transferred depends on the provisions of the company’s articles of association. Restrictions on transferability may also be stipulated in shareholders’ agreements.
- The notarial fees are based on the value of the shares.
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Withdrawal from a Limited Liability Company (GmbH)
- The right to withdraw exists in three cases, when there is good cause, when the articles of association permit withdrawal, or when a corresponding agreement has been concluded.
- The withdrawing shareholder is entitled to receive a compensation payment from the company.
- The company may decide how to dispose of the shares, either by redeeming them or by transferring them to third parties.
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