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It depends entirely on type of his business entity. If he founded a GmbH (the most common type of business entity in Germany), his private funds are protected
by jabiko 10y ago
It depends entirely on type of his business entity.
If he founded a GmbH (the most common type of business entity in Germany), his private funds are protected in case the business goes bankrupt.
On the other hand, if his business was a GbR he can also be held liable with his private money.
This are just examples. There are a lot of different business types out there with different liability implications.
- k__ 10y agoI think the US equivalent to the GmbH is being 'incorporated'
- wprapido 10y agothe US equivalent of GmbH is LLC
- 0xcde4c3db 10y agoI think there's no obvious US equivalent. IIRC, a GmbH can sort of go through multiple stages that each have some aspects of different US entity types. In a literal sense it would translate to an LLC, but I don't think the rules are similar enough for that to actually be a useful translation.