Transfer of ownership of an enterprise depends on the form of business. General rules are provided for in the Commercial Code.
Types of transfer of enterprises
Transfer without charge
A share in case of the death of a shareholder is transferred to his/her successors, unless otherwise specified in the articles of association. The prohibition or restriction of the transfer of the share to the successor included in the articles of association is not valid if the articles of association do not specify a term and procedure for the payment of appropriate compensation to the successor. In case of the death of a shareholder, the share will transfer to his/her successor .
Transfer for a charge
A shareholder of a private limited company may transfer the share to another shareholder. In case of transfer of the share to a third party, the other shareholders have a right of pre-emption within one month from the submission of the transfer contract.
In case of a public limited company, the shares are registered and registered shares are freely transferable. In case of transfer of the shares to a third party, the articles of association of the public limited company may specify the right of pre-emption of the other shareholders.
Taking over an existing company is a worthwhile alternative to setting up a new business.
Proceedings for the transfer of enterprises
The duty to bargain and the disposition of the transfer of a share must be notarised. After the disposition of the transfer of the share, the certifying notary shall send a notification to the commercial registrant within two days from the certification of the contract and on the transfer of the share.
Signing the contract of sale for the transfer of the share shall be reported to the management board of the public limited company, the management board will immediately inform the other shareholders. The transferee is entitled to request entering him/her into the share register as a shareholder. In relation to the public limited company, the share is considered transferred from entering the transferee into the share register.