Sunday, 4 October 2009

PosiTim Founding in Progress

On October 1, 2009 the founding papers for PosiTim were signed at the Notary office in Darmstadt, Germany. As legal form a so called UG, short for "unternehmergesellschaft" was chosen. This company form is practically identical to the well known GmbH (Gesellschaft mit beschraenkter Haftung). The main difference is that for an UG the starting capital is much lower. This makes the UG comparable to the "Ltd" (Limited) company structure in the UK. This is the main reason it was introduced in Germany. Many people were founding UK based Ltd companies because the starting capital for a GmbH is rather high (EURO 25000).

The official wording of the company is now: PosiTim UG (haftungsbeschraenkt) i.G.

The term "haftungsbeschraenkt" is not part of the abreviation UG contrary to the GmbH abreviation which does include this. Therefore, it is mandatory to include this discription with the name.

The abreviation i.G. means "in Gruendung" which indicates that we are still busy setting up the company and not all the legal steps (hurdles?) have been taken.

Anyway, the first of October 2009 was a big step for PosiTim! We are now truly a start-up company and can and will now start to build up our GNSS business.

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