What legal obligations do I have to consider as the managing director of a GmbH?
November 3, 2023 | 70,00 EUR | answered by Yvonne Schmidt
Dear attorney specializing in business law,
I am Erwin Tiefbach and have been the managing director of a GmbH for some time now. Lately, I have been increasingly concerned with the legal obligations that I, as the managing director, need to comply with. I am unsure if I am meeting all the necessary legal requirements and would therefore like to know from you specifically what legal duties I need to adhere to as the managing director of a GmbH.
The situation is as follows: I am running the business of the GmbH and therefore carry a great responsibility for the company and its employees. I am aware that as the managing director, I can be held liable if I neglect my legal duties or fail to fulfill them properly. Therefore, it is very important to me to have a precise understanding of all legal requirements and to implement them correctly.
Currently, I have already researched some information about my duties as the managing director, but I am still uncertain if I am considering everything. I want to ensure that I fulfill my tasks and obligations properly and do not take any legal risks.
My concerns are that I may be violating legal requirements or making mistakes unknowingly, which could have legal consequences. Therefore, it is of great importance for me to have clarity on what legal duties I need to adhere to as the managing director and how I can fulfill them to the best of my ability.
Therefore, my question to you is: What specific legal duties do I need to adhere to as the managing director of a GmbH and how can I ensure that I fulfill them properly? I would greatly appreciate your expert advice and support to correctly implement my legal duties as the managing director.
Thank you in advance for your help.
Best regards,
Erwin Tiefbach
Dear Mr. Tiefbach,
Thank you for your inquiry regarding your legal obligations as the managing director of a GmbH. It is understandable that you are concerned about your duties and responsibilities and want to ensure that you are correctly implementing all legal requirements. As a lawyer specializing in business law, I can assist you with this.
As the managing director of a GmbH, you have a variety of legal duties and responsibilities. These include duty of care, duty of loyalty, obligation to maintain proper accounting records, compliance with tax regulations, adherence to labor and social laws, as well as compliance with environmental and data protection requirements.
The duty of care requires you, as the managing director, to act in the best interests of the company and to act carefully. This means that you must stay informed about all relevant matters, weigh risks, and make decisions in the best interest of the GmbH.
The duty of loyalty requires you, as the managing director, to prioritize the interests of the company over your own and not act to the detriment of the GmbH. This means that you may not conduct business on your own account and must always act in the interest of the company.
The obligation to maintain proper accounting records includes the obligation to document all business transactions properly, prepare financial statements, and comply with tax regulations. This serves transparency and accountability towards shareholders, creditors, and authorities.
To ensure that you fulfill your legal obligations as a managing director properly, I recommend working regularly with a lawyer specializing in business law who can support you in implementing legal requirements, inform you about current legal developments, and provide legal advice.
It is also advisable to continuously inform yourself about legal changes and new case law, attend training sessions, and exchange information with other managing directors to expand your knowledge and ensure that you are always up to date.
I hope that my explanations are helpful to you and I am available to answer any further questions you may have. Please do not hesitate to contact me if you need assistance.
Best regards,
Yvonne Schmidt
Lawyer specializing in business law
