[L_226]

> The way I understand the mini-GmbH model (UG) there is no limitations regarding shareholders versus a standard GmbH.

This is correct, however from my understanding this is only at time of incorporation. If I was to incorporate and then get a term sheet from an investor, I would struggle to then make them a legal shareholder in my UG.

Perhaps I am also misunderstanding, re-reading [0] you could be correct. I did reach out to firma.de for clarification in February but never got a response.

[0] - https://www.firma.de/en/company-formation/what-is-a-ug-haftu...

[dgellow]

Have you tried contacting a “Handelskammer”? I had quite good experiences in the past with hk24.de for example, even asking questions in English.

Edit: I feel it’s always so complicated to understand the German system for anything related to company administrative stuff :p