business angels

BUSINESS ANGELS
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Peter Horst
Peter Krüger
Stadt Leipzig
GAEDERTZ
R E C H T S A N W Ä L T E
BUSINESS ANGELS
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Peter Horst
Peter Krüger
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Rechtsanwalt Dr. Peter Horst, Spitzweg & Partner, München
Das Business Angels Netzwerk Deutschland – Initiative für innovative und technologieorientierte Gründer (BAND) e.V. hat das Ziel,
Impulse für die Entwicklung einer lebendigen Business Angels Kultur in
Deutschland zu geben. BAND wird hierbei durch eine Reihe wichtiger
Institutionen und Unternehmen unterstützt.
BAND versteht sich als Netzwerk der Netzwerke. In Zusammenarbeit
mit der Deutschen Börse und der Kreditanstalt für Wiederaufbau hat
BAND die Internetvermittlung “Business Angels Forum”
(www.business-angels.de) eingerichtet. Dort können unternehmungslustige Gründer und wagemutige Business Angels direkt Kontakt zueinander aufnehmen. Auf der Internetseite von BAND gibt es daneben u.a. eine Übersicht regionaler Business Angels und Veranstaltungshinweise.
Das Munich Business Angels Network ist ein Business Angel Programm des Förderkreis Neue Technologien (FNT) e.V., München.
Unter seinem Leitbild “Der FNT hilft Unternehmen auf dem Weg von
der Idee zum Markterfolg” bietet FNT als Forum innovativer
Technologieunternehmen Aus- und Weiterbildung in seiner Münchener Entrepreneur Akademie, Szene-Events und Insider-Informationen
in den FNT-Foren, Gründer-Mobilisierung, Coaching und Netzwerk in
der Münchener Business Plan Wettbewerb GmbH, sowie Matching
zwischen Gründern von wachstumsstarken Unternehmen und informellen Beteiligungskapital-Investoren (Business Angels). Der FNT ist
eine unabhängige, regionale Unternehmerinitiative mit über 300 Mitgliedern und internationalen Kontakten. Weitere Infos unter
www.fntev.de.
Stadt Leipzig
Die Leipziger Wirtschaftsförderung unterstützt gezielt unternehmerische Vorhaben und Projekte mit innovativen, engagierten Beteiligten. Das Genußscheinmodell ist zugleich Wegweiser nach Leipzig
und Bestandteil der aktiven Förderung eines dynamischen
Beteiligungsmarktes. Leipzig ist ein Standort für das Engagement
von innovativen Unternehmen wie von institutionellen, privaten und
unternehmerischen Beteiligungsgebern. Im Business & Innovation
Centre (BIC) geben ein Business Angels Netzwerk und Dienstleister
Unterstützung bei Technologietransfer, Unternehmensführung und
Finanzierung. Weitere Informationen über das Profil einer Stadt der
Unternehmenden bei: BIC Leipzig, Tel. 0341-49120, „www.BICLeipzig.de“ oder der Wirtschaftsförderung, Tel. 0341-123-5885,
„www.leipzig.de“.
Die tbg Technologie-Beteiligungs-Gesellschaft mbH der Deutschen Ausgleichsbank ist seit 10 Jahren auf dem Beteiligungsmarkt
aktiv. Heute beteiligt sich die tbg an Technologieunternehmen von
der Frühphase bis zum Börsengang – in der Regel zusammen mit
einem weiteren Finanzierungspartner.
Diese Beteiligungen geht die tbg sowohl im Rahmen der mit dem
Bundesministerium für Wirtschaft und Technologie (BMWi) durchgeführten Programme “Beteiligungskapital für kleine Technologieunternehmen” und “FUTOUR” sowie des “DtA-Technologie-Beteiligungsprogramms” der Deutschen Ausgleichsbank ein. Inzwischen hat die
tbg über 1.100 Beteiligungen mit einem Volumen von knapp1,1 Mrd.
DM an High-Tech-Firmen zugesagt.
RA Dr. Peter Horst, München (*1957), zugelassen als Rechtsanwalt 1991, in
München, berät Business Angels bei der Beteiligungsgestaltung sowie
Startup-Unternehmen in Fragen der Unternehmensgründung, rechtlichen
Unternehmensorgansiation und Unternehmensfinanzierung. Branchenfocus
sind IT- , Life-Science und Umwelttechnologiebranche. Im Münchner Business Plan Wettbewerb ist Dr. Horst als Coach und Juror aktiv, sowie im Wettbewerb 1997/98 als aktiver Teilnehmer eines erfolgreichen Teams.
Nach Banklehre, Kreditausbildung bei einer deutschen Großbank, Studium der
Volkswirtschaftslehre und Jura in München und Lausanne promovierte Dr. Horst
1986 über “Kapitalanlegerschutz – Haftung bei Emission und Vertrieb von Kapitalanlagen”. Von 1986 bis 1990 war er im Bayerischen Staatsministerium für
Landesentwicklung und Umweltfragen tätig, u.a. als persönlicher Mitarbeiter
des Staatssekretärs. Seit 1991 ist er Partner der Anwaltssozietät SPITZWEG &
PARTNER GbR, München, Potsdam, Brandenburg, Tel. 089/678006-53, Fax:
089/678006-10, e-mail: [email protected].
Dr. Peter Krüger, geboren 1943, zugelassen als Rechtsanwalt 1973 in Köln,
seit 1990 in Leipzig, Partner der Rechtsanwaltssozietät GAEDERTZ Rechtsanwälte; Studium der Rechts- und Staatswissenschaften in Bonn, Berlin und
Köln, Wissenschaftlicher Assistent im Institut für Rundfunkrecht an Universität zu Köln, Veröffentlichungen im Rundfunkorganisations- und Stiftungsrecht
(„Die Rundfunkstiftung“), im Haftpflichtrecht, Prozeßrecht, Wettbewerbsrecht
und Gesellschaftsrecht („Mitarbeiterbeteiligungen“). Tätigkeitsschwerpunkte:
Handels- und Gesellschaftsrecht, Bankrecht, Gewerblicher Rechtsschutz und
Urheberrecht, Presserecht.
GAEDERTZ Rechtsanwälte Berlin, Frankfurt am Main, Hamburg, Koblenz,
Köln, Leipzig, München, Potsdam, Wiesbaden, Brüssel, Prag; Büro Leipzig,
Löhr’s Carré, Humboldtstraße 18, 04105 Leipzig, Telefon: 0341 9 85 00; Fax:
0341 9 85 02 22; „Dr. Peter Krüger“<[email protected]>.
GAEDERTZ
R E C H T S A N W Ä L T E
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Genussschein
für
Anton Angel
Dieser Genussschein verbrieft
Genussrechte im Nennwert von
Euro 50.000 (i.W. fünfzigtausend Euro)
an Genussrechtskapital der
HiTechInnovatio GmbH
Berlin, am 12. Mai 1999
HiTechInnovatio GmbH
Geschäftsführer
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Wird das Stammkapital der Gesellschaft nach völliger Auflösung der freien Rücklagen und der
gesetzlichen Rücklage herabgesetzt, um eingetretene Wertminderungen auszugleichen oder
sonstige, auch drohende Verluste zu decken, so vermindert sich der Nennwert des
Genussscheinkapitales im gleichen Verhältnis.
Treten Verluste, wegen deren befürchtetem Eintritt Rückstellungen in der Bilanz gebildet wurden,
nicht ein, so lebt das Genussscheinkapital im gleichen Verhältnis wieder auf, wie die für die
drohenden Verluste gebildeten Rückstellungen in der Bilanz wieder aufgelöst werden. Maßgeblicher
Zeitpunkt ist der Stichtag der Auflösung der Rückstellungen.
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Im Falle der Liquidation des Gesellschaft unter Realisierung eines Liquidationsgewinnes ist der BA
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des Genussscheinanteiles beträgt (z.B. sieben Jahre) . Sie endet am .........
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Dem Inhaber des Genussrechtes steht während der Laufzeit nur ein außerordentliches
Kündigungsrecht zu, und zwar in folgenden Fällen:
24
a)
Formwandelnde Umwandlung der Gesellschaft in eine Personengesellschaft
b)
Verschmelzung der Gesellschaft mit einer anderen Gesellschaft
c)
Abschluß von Unternehmensverträgen mit einem herrschenden Unternehmen
d)(
Übernahme von mehr als 75% der Geschäftsanteile durch einen Gesellschafter
e)(
Kündigung der Gesellschaft durch den/ die Gesellschafter (Name/n) oder dessen
Ausscheiden in sonstiger Weise
25
26
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Kündigung der Gesellschaft durch einen Gesellschafter, der mehr als 25% des
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sonstiger Weise
27
Eine solche Kündigung durch den Genussscheininhaber kann nur innerhalb von einem Monat
28
nach dem Zeitpunkt erklärt werden, in dem die Maßnahme, welche die Kündigung rechtfertigt, im
Bundesanzeiger bekanntgegeben worden (§ 17 des Gesellschaftsvertrages) bzw. ihm in sonstiger
Weise bekannt geworden ist. Sie wird wirksam zum Ende des laufenden Geschäftsjahres.
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Die ordentliche Kündigung des Genussscheinanteiles kann nur mit einer Frist von sechs Monaten
zum Ende der Laufzeit (§ 9 Abs. 1) erfolgen.
Kündigt der Business Angel den Genussscheinanteil, so ist der Wert des Genussscheinanteiles mit
Wirkung zum nächsten Bilanzstichtag auszubezahlen. B'.( T'.1( D'8%U1( $%/0( 83&*'+$( 321#'++'.
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Gesellschaftsanteil gemäß § 10 zu wandeln .
Der Genussscheininhaber kann die Wandelung ablehnen, und stattdessen Auszahlung des
Genussscheines zum bilanziellen Nennwert, zuzüglich einer Mindestaussschüttung in Höhe von
.....% p.a. seit Beginn des Laufzeit des Genussscheines verlangen. Auf den Genussschein während
der Laufzeit erfolgte Gewinnausschüttungen sind von der Mindestausschüttung in vollem Umfang
31
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B%'( -'$'++$/03=1 ist berechtigt, diesen Vertrag aus wichtigem Grunde mit Wirkung zum nächsten
Bilanzstichtag zu kündigen, wenn der BA seinen Verpflichtungen aus dem Genussrechtsvertrag
nach Fristsetzung und Ablehnungsandrohung nicht nachkommt.
Wichtiger Grund für eine außerordentliche Kündigung sind die Verletzung der Genussscheinbedingungen oder ein grober Verstoß gegen die Gesellschaftsinteressen.
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GmbH-Satzung
5.5.
Erhöht die Gesellschaft das Stammkapital, so ist das Genussrechtskapital i
selben Verhältnis zu erhöhen, sofern die Inhaber der Genussrechte in Ansehung
des neu gebildeten Genussrechtskapitals und nach Maßgabe der geltenden
11
Genussrechtsbedingungen bezugsberechtigt sind .
5.6.
Übt der Inhaber von Genussrechtskapital ein Wandelungsrecht gem. §§ 8, 9 der
Genussrechtsbedingungen aus, ist ein entsprechender Geschäftsanteil im Wege
12
der Erhöhung des Stammkapitales zu bilden .
5.7.
Wird das Stammkapital der Gesellschaft nach völliger Auflösung der freien
Rücklagen und der gesetzlichen Rücklage herabgesetzt, um Wert minderungen
auszugleichen oder sonstige Verluste zu decken, so ver mindert sich der Nennwert
der ausgegebenen Genussscheine im gleichen Verhältnis. Die Herabsetzung des
13
Genussrechtskapitals ist gemäß § 21 bekanntzugeben.
14
5.8.
Einzahlungen auf das Genussrechtskapital sind in Geld zu leisten.
11
Diese Regelung bedeutet keine Automatik, sondern begründet die Verpflichtung der
Gesellschafter, das Genussrechtskapital durch einen entsprechenden Beschluß der
Gesellschafterversammlung zu erhöhen. Nach den den Genussrechts-Bedingungen ist
jedoch ein Bezugsrecht ausgeschlossen. Die satzungsmäßige Verpflichtung mit
gesellschaftsrechtlicher Wirkung dient dem Verwässerungsschutz besser als die
Verpflichtung mit lediglich schuldrechtlicher Wirkung in den Genussrechtsbedingungen
12
Diese Regelung bedeutet ebenfalls keine Automatik, sondern begründet die entsprechende
Verpflichtung der Gesellschafter, das Stammkapital durch einen entsprechenden Beschluß
der Gesellschafterversammlung zu erhöhen und einen entsprechenden Geschäftsanteil im
Wege der Kapitalerhöhung zu bilden.
Diese Satzungsbestimmung entspricht den
Genussrechtsbedingungen.
13
Die Herabsetzung des Genussrechtskapitals ist zur Eintragung in das Handelsregister nicht
anzumelden. Wegen des - hier angestrebten Eigenkapitalcharakters des
Genussrechtskapitals erscheint die Publikation jedoch erforderlich.
14
Dienstleistungen sind als Sacheinlage auf das Stammkapital einer GmbH nicht zulässig
(a.M. Lutter, Kölner Kommentar zum Aktiengesetz, 2. Auflage, Rdnr. 237 zu § 221 AktG).
Der Eigenkapitalcharakter des Genussrechtskapitals könnte es daher nahelegen, die
Zulässigkeit von Dienstleistungen als Sacheinlage auf das Genussrechtskapital ebenfalls
zu verneinen. Ob die Frage anders zu beurteilen ist, wenn Genussrechtskapital mit
Fremdkapitalcharakter ausgegeben wird, kann hier dahinstehen. Das Problem könnte
allerdings durch Begründung einer Forderung als Entgelt für die Dienstleistungen in der
folgenden Weise gelöst werden:
Der Business Angel berechnet seine Dienstleistung nach Maßgabe eines gesonderten
Vertrages (§ 2 Nr. 2 der Genussrechtsvertrages) und stellt eine entsprechende Rechnung.
Die Honorarforderung des Business Angel wird bilanziert als Verbindlichkeit des
Unternehmens gegenüber Lieferanten. Bei der Umwandlung dieser Verbindlichkeiten in
einen entsprechenden Anteil am Genussrechtskapital findet lediglich ein Passivtausch statt.
56
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