At the start of November, major changes in German company law were introduced by the Gesetz zur Modernisierung des GmbH-Rechts und zur Bekämpfung von Missbräuchen (MoMiG – Law for the Modernization of the GmbH and to Stop its Misuse).MoMiG introduces, inter alia, a new corporate form - the Unternehmergesellschaft (haftungsbeschränkt), or entrepreneurial company with limited liability - which can be formed with as little as one euro. There are, however, restrictions on the amount of profits that can be distributed to shareholders and such companies must trade using the designation Unternehmergesellschaft (haftungsbeschränkt) or the abbreviation UG (haftungsbeschränkt).
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