Glossary · Taxes

Opening balance sheet (Eröffnungsbilanz)

Also: Eröffnungsbilanz

In short

The opening balance sheet sets out the assets and liabilities of the business at the start of its commercial activity. In principle, every merchant must prepare one, and so must every GmbH and UG.

Opening balance sheet (Eröffnungsbilanz) explained

The basis is Sec. 242 (1) HGB: the merchant prepares an opening balance sheet at the start of their commercial business and then a balance sheet at the end of each financial year. The GmbH and UG are always deemed to be commercial companies (Sec. 13 (3) GmbHG) and are therefore always affected, regardless of turnover. Sole traders who do not exceed the thresholds of Sec. 241a HGB are exempt; for a new business, this already applies if the thresholds are not exceeded on the first balance sheet date (Sec. 242 (4) HGB). The opening balance sheet is usually prepared by the tax adviser. For liquidation, there is a separate liquidation opening balance sheet (Sec. 71 GmbHG).

Legal basisSec. 242 (1) and (4) HGB, Sec. 13 (3) GmbHG

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Related terms

GmbH (limited liability company)The GmbH is a corporation and legal entity formed by one or more persons with at least €25,000 share capital. As soon as it is entered in the commercial register, in principle only the company's assets are liable for its debts.LiquidationLiquidation is the orderly winding up of a dissolved company: completing ongoing business, realising assets, paying creditors and distributing the rest to the shareholders. For a GmbH and UG, it follows the dissolution resolution and ends with deletion from the commercial register.UG (haftungsbeschränkt)The UG (haftungsbeschränkt) is not a separate legal form, but a GmbH with less than €25,000 share capital, mathematically from €1, which must be paid in full in cash before the application. In return, it must put a quarter of its annual net profit into a reserve every year.Corporation tax (Körperschaftsteuer)Corporation tax is the tax on the profits of corporations such as the GmbH and UG. Until 2027 it is 15% plus solidarity surcharge, after which it falls gradually to 10% from 2032.Hidden profit distribution (verdeckte Gewinnausschüttung, vGA)A hidden profit distribution occurs when a corporation grants a shareholder a benefit outside a regular distribution, such as an unreasonably high salary or an interest-free loan. For tax purposes, it may not reduce the company's profit.Profit distribution (Gewinnausschüttung)In a profit distribution, a corporation pays out all or part of its profit to the shareholders, on the basis of a resolution on the use of profits. Private individuals pay 25% flat-rate withholding tax on it, plus solidarity surcharge and, where applicable, church tax.

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