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Sentence (URGENT)

English translation: The shareholder exiting the company...

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12:51 Jun 10, 2002
German to English translations [PRO]
Law/Patents / Gesellschaftsvertrag
German term or phrase: Sentence (URGENT)
I am experiencing some difficulties in interpreting the following sentence, I hope anyone can help me!
Thanks in advance.

CONTEXT: "Gesellschaftsvertrag"

- Der ausscheidende Gesellschafter erhält für seinen Geschäftsanteil eine Vergütung, die dem Nominalbetrag des Geschäftsanteil zzgl. des anteiligen, auf seinen Geschäftsanteil entfallenden Betrages einer etwa in der Bilanz der Gesellschaft ausgewiesenen Rücklage und/oder eines nicht ausgeschütteten Gewinns bzw. abzüglich des anteiligen, auf seinen Geschäftanteil entfallenden Betrages, der einem in der Bilanz der Gesellschaft ausgewiesenen Verlust entspricht.
Susana Figueiras
Local time: 03:48
English translation:The shareholder exiting the company...
Explanation:
will receive remuneration for his interest totaling the nominal amount of the interest plus any proportionate amount of reserves due to this equity interest as shown on the company's balance sheet and/or any non-distributed profit, or, as the case may be, this interest may also be paid less any proportionate amount of any loss shown on the company's balance sheet due to this equity interest.

would be a first rough stab. Does it make sense now?

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Note added at 2002-06-10 13:09:31 (GMT)
--------------------------------------------------

Basically it means the guy gets the interest he contributed back, PLUS any profits or reserves that this are attributable to this amount if the company\'s doing well, or less any proportionate losses if the company\'s running at a loss.

--------------------------------------------------
Note added at 2002-06-10 16:00:34 (GMT)
--------------------------------------------------

I\'d still go with \"provisions\" as a translation of \"Rückstellungen\". This term is commonly translated as \"provisions\" or \"accruals\" or \"accrued liabilities, and is very different from \"Rücklagen\", which is generally translated as reserves. Check out the following glossary entry (http://freetutorials.de/if/ifglossar.html#anchor807189)

\"Rücklage
Eigenkapital, das für einen bestimmten Zweck zurückgelegt wird. Zum Beispiel bildet man eine Rücklage für den Bau einer Lagerhalle.
Arten
Bewertung

vgl. offene Selbstfinanzierung


Rückstellungen
Fremdkapital, bei dem entweder der Zeitpunkt, die Höhe oder die Fälligkeit unbekannt ist. Sie sind erfolgswirksam und führen dadurch zu einer finanzierungspolitisch interessanten zeitlichen Verschiebung der Steuerlast. Beispiele sind Prozess- und Pensionsrückstellungen.

Gliederung
Bewertung

vgl. Passivseite der Bilanz\"


--------------------------------------------------
Note added at 2002-06-10 16:25:49 (GMT)
--------------------------------------------------

A glossary entry (http://www.accountz.com/glossary.html) for accruals, which ties in with the German entry for \"Rückstellungen\" above:

\"Accruals: If during the course of a business certain charges are incurred but no invoice is received then these charges are referred to as accruals (they \'accrue\' or increase in value). A typical example is interest payable on a loan where you have not yet received a bank statement. These items (or an estimate of their value) should still be included in the profit & loss account. When the real invoice is received, an adjustment can be made to correct the estimate. Accruals can also apply to the income side.\"

The entry in the same glossary for reserves (they call them reserve accounts) also ties in with the definition of \"Rücklagen\" above:

\"Reserve accounts: Reserve accounts are usually set up to make a balance sheet clearer by reserving or apportioning some of a business\'s capital against future purchases or liabilities (such as the replacement of capital equipment or estimates of bad debts).

A typical example is a company where they are used to hold the residue of any profit after all the dividends have been paid. This balance is then carried forward to the following year to be considered, together with the profits for that year, for any further dividends.\"
Selected response from:

Alison Schwitzgebel
France
Local time: 04:48
Grading comment
Thanks a lot for tour help!

Susana
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3The shareholder exiting the company...
Alison Schwitzgebel
4 +1just the "skeleton"
Eva Blanar
4sentencegangels


  

Answers


16 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
The shareholder exiting the company...


Explanation:
will receive remuneration for his interest totaling the nominal amount of the interest plus any proportionate amount of reserves due to this equity interest as shown on the company's balance sheet and/or any non-distributed profit, or, as the case may be, this interest may also be paid less any proportionate amount of any loss shown on the company's balance sheet due to this equity interest.

would be a first rough stab. Does it make sense now?

--------------------------------------------------
Note added at 2002-06-10 13:09:31 (GMT)
--------------------------------------------------

Basically it means the guy gets the interest he contributed back, PLUS any profits or reserves that this are attributable to this amount if the company\'s doing well, or less any proportionate losses if the company\'s running at a loss.

--------------------------------------------------
Note added at 2002-06-10 16:00:34 (GMT)
--------------------------------------------------

I\'d still go with \"provisions\" as a translation of \"Rückstellungen\". This term is commonly translated as \"provisions\" or \"accruals\" or \"accrued liabilities, and is very different from \"Rücklagen\", which is generally translated as reserves. Check out the following glossary entry (http://freetutorials.de/if/ifglossar.html#anchor807189)

\"Rücklage
Eigenkapital, das für einen bestimmten Zweck zurückgelegt wird. Zum Beispiel bildet man eine Rücklage für den Bau einer Lagerhalle.
Arten
Bewertung

vgl. offene Selbstfinanzierung


Rückstellungen
Fremdkapital, bei dem entweder der Zeitpunkt, die Höhe oder die Fälligkeit unbekannt ist. Sie sind erfolgswirksam und führen dadurch zu einer finanzierungspolitisch interessanten zeitlichen Verschiebung der Steuerlast. Beispiele sind Prozess- und Pensionsrückstellungen.

Gliederung
Bewertung

vgl. Passivseite der Bilanz\"


--------------------------------------------------
Note added at 2002-06-10 16:25:49 (GMT)
--------------------------------------------------

A glossary entry (http://www.accountz.com/glossary.html) for accruals, which ties in with the German entry for \"Rückstellungen\" above:

\"Accruals: If during the course of a business certain charges are incurred but no invoice is received then these charges are referred to as accruals (they \'accrue\' or increase in value). A typical example is interest payable on a loan where you have not yet received a bank statement. These items (or an estimate of their value) should still be included in the profit & loss account. When the real invoice is received, an adjustment can be made to correct the estimate. Accruals can also apply to the income side.\"

The entry in the same glossary for reserves (they call them reserve accounts) also ties in with the definition of \"Rücklagen\" above:

\"Reserve accounts: Reserve accounts are usually set up to make a balance sheet clearer by reserving or apportioning some of a business\'s capital against future purchases or liabilities (such as the replacement of capital equipment or estimates of bad debts).

A typical example is a company where they are used to hold the residue of any profit after all the dividends have been paid. This balance is then carried forward to the following year to be considered, together with the profits for that year, for any further dividends.\"

Alison Schwitzgebel
France
Local time: 04:48
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 3409
Grading comment
Thanks a lot for tour help!

Susana

Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter: For a first "rough stab", you've been figuring it out quite well, methinks
8 mins

neutral  Eva Blanar: It can't be a shareholder! Otherwise - very impressive for within 17 min., congrats!
25 mins
  -> duh, you're quite right. A "Gesellschaftsvertrag" is often a "partnerhsip agreement", so I'd call him a partner.

agree  xxxbrute
27 mins

agree  smtaylor: well done Alison
3 hrs
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34 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
just the "skeleton"


Explanation:
This is the rule applicable if one of the founders (I assume) decides to leave the company: the co-owner who decides to quit / witdraw, will receive a payment, equal to the nominal value of the stake held in the company, PLUS the proportionate amount of eventual provisions in the balance sheet and/or the proportionate part of undistributed profits LESS the proportionate part of the eventual losses as per the balance sheet.

I am not very sure about "zzgl.", I admit I never saw it before, but it shall be something like "adding to that".
I hope this helps!


--------------------------------------------------
Note added at 2002-06-10 13:53:06 (GMT)
--------------------------------------------------

Still: provisions!
Normally, Geschaeftsanteil (equity stake) consists of the capital + reserves and provisions are extra. Therefore, I would go for the above wording, some other formulation (like reserves) would seem more cautious, but - at the same time - riskier!

Eva Blanar
Hungary
Local time: 04:48
Native speaker of: Hungarian
PRO pts in pair: 247

Peer comments on this answer (and responses from the answerer)
agree  xxxbrute: "zzgl." zuzüglich = including, in addition, with the addition of, plus!
9 mins
  -> Thanks a lot: that's nice from you! I'll retain this zzgl now.

neutral  Alison Schwitzgebel: "Rücklagen" aren't the same as Rückstellungen....
13 mins
  -> Actually: I was just about to add a comment - reserves might be safer!
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6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
sentence


Explanation:
The departing partner's share in the business shall be acquired (bought out) at an amount equal to the market value of his share, in addition to the prorated amount of any reserve duly recorded on the balance sheet and /or any undistributed gain, or conversely, less the prorated amount representing his share in the business and duly recorded as a loss on the balance sheet of the business.

gangels
Local time: 20:48
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 5465
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