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ITMediaLaw - Rechtsanwalt Marian Härtel

ITMediaLaw - Rechtsanwalt Marian Härtel > Blockchain and web law > Establish a blockchain limited liability company? Does that

Establish a blockchain limited liability company? Does that

1. February 2023
in Blockchain and web law, Corporate
Reading Time: 2 mins read
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blockchain g1d8414e2b 1920
Key Facts
  • Blockchain technology poses major challenges for lawyers in Germany, particularly with regard to tokens and smart contracts.
  • The final report of the Federal Ministry of Justice examines the use of blockchain in company law.
  • Discussion about the possibility of a blockchain GmbH, but notarial involvement is required.
  • Freedom of organization in the internal relationship of the GmbH could enable blockchain models for investors without making them shareholders.
  • Internal use of blockchain for voting rights and smart contracts could automate future processes
  • Legislators could change processes to facilitate the use of blockchain for the shareholder list
  • The possibilities of blockchain seem futuristic, but are promising for lawyers and start-ups.

What is it all about?

Content Hide
1. What is it all about?
2. Blockchain and limited liability company law?
3. Blockchain for internal use?
4. Conclusion

As we have often read here on the blog, blockchains (no matter from which provider and on which technical basis), their technology and ideology pose major challenges for us lawyers in Germany. This starts with tokens and the question of whether and which supervisory law is now applicable, continues with the exciting questions of how exactly “smart contracts” are actually to be treated or what legal nature NFTs have, and ends with highly complex legal problems surrounding DAOs.

I encountered a similarly funny problem when I read the just published final report of the Federal Ministry of Justice on “THE APPLICATION OF BLOCKCHAIN TECHNOLOGY IN CORPORATE AND GOVERNMENT LAW”. You can find the full document here. The report explores many intriguing questions about what corporate law matters could be mapped onto a blockchain (or using DLT in general).

Blockchain and limited liability company law?

Among other things, it is being discussed whether something like a blockchain limited liability company would be possible. Now, most readers are probably aware that a limited liability company can only be established, amended and, in the broadest sense, administered with the assistance of a notary public. A transfer of shares by handing over a security, for example, is not provided for. This would possibly only be possible with a stock corporation, which I will deal with soon. However, there is extensive freedom of design for the regulations in the internal relationship of the GmbH pursuant to §§ 46 et seq. GmbHG (German Limited Liability Companies Act). Things like third-party participation, e.g., via trust constructions or silent partnerships, which can also influence the voting rights of shareholders entered in the commercial register, would therefore be perfectly mappable on a blockchain. At least if one initially disregards the problem of registration in the transparency register or regulatory issues such as the German Investment Act.

So for startups, this could be quite interesting to tie investors to the company without making them full-fledged shareholders. Business partners could also be tied to the company in this way, e.g. influencers/streamers at an influencer agency (note: I am currently evaluating something similar with a client).

But the other list of shareholders could also be kept on a blockchain, even if the law would not – yet – exempt the managing directors from the obligation to create it. However, the legislature could change this. This could be useful because, for example, an authorization in the previous submission to the notary could be solved using blockchain technology.

Blockchain for internal use?

It is exciting that the final report addresses the internal usability of blockchain technology in a limited liability company. In addition to the voting rights mentioned there, the use of a charter in the form of a smart contract would also be entirely conceivable. Ultimately, things such as profit distribution, responsibilities within the framework of rules of procedure, internal financial limits of a managing director or shareholders’ meetings (including invitations to these) + voting rights could be mapped automatically and securely. Even though we are probably still a few years away from implementation here, this is highly exciting.

Conclusion

The possibilities mentioned in the final report may still sound very futuristic to seasoned corporate lawyers. As a “legal nerd”, however, I find the possibilities very exciting and am convinced that both legislators and lawyers – and, of course, startups – should take a serious look at the possibilities.

Tags: BlockchainBlogCommercial registerContractCorporateInfluencerInvestorNerdSecuritiesSmart contractStartupsTestVerträge

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  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
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      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
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