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Austria: Company Forms |
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Austria Introduction
There
are a various business structures in Austria,
the most common of which are outlined below.
Newly formed Open Partnerships and Limited Companies
must register their business in the Trade Register
(Firmenbuch). Sole traders with a turnover above
EUR400,000 are also required to be entered into
the register.
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Austria Private Limited Liability Company (GmbH)
The Limited Liability
Company (Gesellschaft mit beschränkter
Haftung) is the most common business structure
in Austria. The share capital must be at least
EUR35,000, half of which may be in kind but
at least EUR17,500 of which must be in a bank
account. The minimum contribution for each shareholder
is EUR7,000.
One person can
set up and be the shareholder of a Limited Liability
Company. Shareholders are liable up to the level
of their investment. The company must be entered
into the Trade Register. The business name can
refer to either the name of one of the shareholders
or the nature of the business, but the founders
may also chose a fictitious name.
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Austria Stock Corporation (AG)
The Stock Corporation (Aktiengesellschaft) can
be set up by one or more persons. Start-up capital
of EUR70,000 is required. The founding members
appoint the executive board members who in turn
select an executive representative. A supervisory
board of at least three members must also be
appointed; all appointments must be notarised.
The business name must refer to the type of
business and suffixed by the letters AG. The
company becomes a legal entity once it has been
entered into the Trade Register.
As
it is a legal entity in its own right, liability
rests solely with the company, and not with
the shareholders.
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Austria Limited Partnership (KG)
A
Limited Partnership (KG) must have a minimum
of one general partner who is wholly liable;
the other general partners are liable up to
their individual level of investment only.
The
company must be registered in the Trade Register
and provide proof that at least one of the partners
is qualified and competent in carrying out the
task for which the business has been established.
The
business name must reflect the nature of the
business and be suffixed by the letters KG.
It may also contain the name of one or more
general partners. In the event of the general
partner being a Limited Liability Company, this
must clearly be indicated in the company name
suffix of GmbH & Co KG.
Austria
Open (General) Partnership (OG)
In
an open or general partnership, all partners
are wholly and individually liable and at least
one partner must provide proof of competency
before entry into the Trade Register can be
made. The company becomes a legal entity once
Trade Register entry is complete, and the name
must carry the suffix OG.
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Austria
Silent Partnership (stGes)
A
Silent Partnership is not a legal entity and
consists of silent partners investing in a
company. Entry into the Trade Register is
not required. The silent partners are not
involved in the operation of the company.
Liability rests solely with the proprietor.
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Austria
Civil Law Partnership (GesnbR)
The Civil
Law Partnership consists of two or more
individuals or companies who wish to combine
their knowledge in a particular sector.
All individuals must be competent and qualified
in their field. The Civil Law Partnership
is not a legal entity in its own right and
each individual is jointly and individually
liable.
If turnover
in any two consecutive years exceeds EUR400,000,
the partnership must be entered into the
Trade Register and become an Open Partnership
(OG). If turnover exceeds EUR600,000 in
one year, the same rule applies.
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Austria
Branches
A
Branch (Zweigniederlassung) is closely
linked to the head office and does not
have its own assets or accounting systems.
The head office runs its administration.
A Branch does not have to be entered into
the Trade Register.
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