Austria: New rules regarding private limited liability companies

The partners holding a majority stake (more than 50%) are also obliged to apply for starting insolvency proceedings whenever necessary and the company does not have a managing director. These proceedings are very burdensome because they require e resolution to be passed by the general meeting in order to change the articles of partnership, a registration at the tribunal keeping the commercial register and the notification of creditors.

The minimum corporate income tax amounting to 5% of the registered capital is reduced from yearly 1,750 euro to 500 euro. For existing private limited liability companies the changes come into force on 1 January 2014. The corporate income tax rate applied is 25% of profits. It is possible to offset the tax due with the sums of minimum corporate income tax paid in previous years.

Regardless of the turnover, also private limited liability companies founded with the reduced amount of registered capital have to apply double entry accounting.

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