Conversion of a civil law partnership to a general or limited partnership by transfer of assets
A civil law partnership can be obliged to convert to a registered partnership and can also choose to do so.
In general, these rules apply to all entrepreneurs from EU Member States in Austria.
If the turnover exceeds 700,000 Euro for two consecutive years, the company must be registered in the companies register as a general partnership or limited partnership and is obliged to prepare accounts in the second year after that. If the turnover exceeds 1,000,000 Euro in a single financial year, the obligation to register in the companies register and prepare accounts begins in the following year.
A civil law partnership can convert to a general or limited partnership by unanimous decision of the partners. This must include a list of the assets to be transferred to the general or limited partnership by universal succession. However, the partners retain those assets that are not listed. The assets covered by the conversion are transferred to the general or limited partnership on registration in the companies register.
In the decision, the partners in the civil law partnership must expressly choose to be registered as a general partnership or a limited partnership. Where applicable, they must also decide which of the partners will become a general partner and which a limited partner.
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