{"id":34008,"date":"2025-06-03T12:37:33","date_gmt":"2025-06-03T10:37:33","guid":{"rendered":"https:\/\/www.kern-unternehmensnachfolge.com\/?p=34008"},"modified":"2026-02-27T12:39:55","modified_gmt":"2026-02-27T11:39:55","slug":"umowa-zakupu-aktywow","status":"publish","type":"post","link":"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/asset-purchase-agreement\/","title":{"rendered":"Asset Purcha\u00adse Agree\u00adment: Der Wegwei\u00adser f\u00fcr den strate\u00adgi\u00adschen Unternehmenskauf"},"content":{"rendered":"<p>A <strong>Asset Purcha\u00adse Agree\u00adment (<span class=\"caps\">APA<\/span>), genutzt im Rahmen sogenann\u00adter Asset Deals,<\/strong> er\u00f6ff\u00adnet Unter\u00adneh\u00admern pr\u00e4zi\u00adse M\u00f6glich\u00adkei\u00adten beim Erwerb spezi\u00adfi\u00adscher <strong>Verm\u00f6\u00adgens\u00adwer\u00adte<\/strong> \u2013 ohne die Risiken einer Komplett\u00fcbernahme.<\/p>\n\n\n\n<p>Diese Vertrags\u00adform erm\u00f6g\u00adlicht es Ihnen, gezielt werthal\u00adti\u00adge Unter\u00adneh\u00admens\u00adtei\u00adle zu erwer\u00adben und gleich\u00adzei\u00adtig unerw\u00fcnsch\u00adte Verbind\u00adlich\u00adkei\u00adten beim Verk\u00e4u\u00adfer zu belas\u00adsen. Beson\u00adders bei <strong>Unter\u00adneh\u00admens\u00adnach\u00adfol\u00adgen<\/strong>, <strong>Carve-outs<\/strong> oder der strate\u00adgi\u00adschen Expan\u00adsi\u00adon bietet der <strong><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/asset-deal\/\">Transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w<\/a><\/strong> entschei\u00adden\u00adde Vortei\u00adle gegen\u00ad\u00fcber dem klassi\u00adschen <strong><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/share-deal\/\">Share Deal<\/a><\/strong>.<\/p>\n\n\n\n<p>Als Exper\u00adten f\u00fcr <a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/sprzedaz-firmy-16\/\" target=\"_self\"><strong>Doradzt\u00adwo w zakre\u00adsie fuzji i przej\u0119\u0107<\/strong><\/a><strong> mit Erfolgs\u00adga\u00adran\u00adtie<\/strong> unter\u00adst\u00fctzt Sie <span class=\"caps\">KERN<\/span> Unternehmens\u00adnachfolge mit \u00fcber <strong>500.000 gepr\u00fcf\u00adten Kaufin\u00adter\u00ades\u00adsen\u00adten<\/strong> in der eigenen Daten\u00adbank und mehr als <strong>2.000 erfolg\u00adreich beglei\u00adte\u00adten Nachfol\u00adge\u00adman\u00adda\u00adten<\/strong>. An \u00fcber <strong>30 lokac\u00adje<\/strong> in der D-A-CH-Region stehen Ihnen unsere Berater f\u00fcr eine profes\u00adsio\u00adnel\u00adle Beglei\u00adtung Ihres Asset Deals zur Verf\u00fcgung.<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><h2>Spis tre\u015bci<\/h2><nav><ul><li><a href=\"#h-was-ist-ein-asset-purchase-agreement-apa-grundlagen-und-zweck\">Was ist ein Asset Purcha\u00adse Agree\u00adment (<span class=\"caps\">APA<\/span>)? Grund\u00adla\u00adgen und&nbsp;Zweck<\/a><ul><li><a href=\"#h-ziel-und-anwendungsbereiche-des-apa\">Ziel und Anwen\u00addungs\u00adbe\u00adrei\u00adche des&nbsp;<span class=\"caps\">APA<\/span><\/a><\/li><li><a href=\"#h-abgrenzung-zum-share-deal\">Abgren\u00adzung zum Share&nbsp;Deal<\/a><\/li><\/ul><\/li><li><a href=\"#h-die-kernbestandteile-eines-asset-purchase-agreements-eine-checkliste\">Die Kernbe\u00adstand\u00adtei\u00adle eines Asset Purcha\u00adse Agree\u00adments: Eine Checkliste<\/a><ul><li><a href=\"#h-praambel-und-vertragsgegenstand-assets-amp-liabilities\">Pr\u00e4am\u00adbel und Vertrags\u00adge\u00adgen\u00adstand (Assets <span class=\"amp\">&amp;<\/span> Liabilities)<\/a><\/li><li><a href=\"#h-kaufpreis-purchase-price-und-zahlungsmodalitaten\">Kaufpreis (Purcha\u00adse Price) und Zahlungsmodalit\u00e4ten<\/a><\/li><li><a href=\"#h-zusicherungen-und-garantien-representations-amp-warranties\">Zusiche\u00adrun\u00adgen und Garan\u00adtien (Repre\u00adsen\u00adta\u00adti\u00adons <span class=\"amp\">&amp;<\/span> Warranties)<\/a><\/li><li><a href=\"#h-vollzugsbedingungen-conditions-precedent-und-closing\">Vollzugs\u00adbe\u00addin\u00adgun\u00adgen (Condi\u00adti\u00adons Prece\u00addent) und Closing<\/a><\/li><\/ul><\/li><li><a href=\"#h-asset-purchase-vs-share-purchase-agreement-spa-der-entscheidende-unterschied\">Asset Purcha\u00adse vs. Share Purcha\u00adse Agree\u00adment (<span class=\"caps\">SPA<\/span>): Der entschei\u00adden\u00adde Unterschied<\/a><ul><li><a href=\"#h-haftungsubernahme-und-risiko\">Haftungs\u00ad\u00fcber\u00adnah\u00adme und Risiko<\/a><\/li><li><a href=\"#h-komplexitat-der-transaktion-und-ubertragung\">Komple\u00adxi\u00adt\u00e4t der Trans\u00adak\u00adti\u00adon und \u00dcbertragung<\/a><\/li><li><a href=\"#h-steuerliche-implikationen\">Steuer\u00adli\u00adche Implikationen<\/a><\/li><\/ul><\/li><li><a href=\"#h-vor-und-nachteile-eines-asset-purchase-agreements\">Vor- und Nachtei\u00adle eines Asset Purcha\u00adse Agreements<\/a><ul><li><a href=\"#h-aus-kaufersicht\">Aus K\u00e4ufer\u00adsicht<\/a><\/li><li><a href=\"#h-aus-verkaufersicht\">Aus Verk\u00e4u\u00adfer\u00adsicht<\/a><\/li><\/ul><\/li><li><a href=\"#h-haufig-gestellte-fragen-zum-asset-purchase-agreement\">H\u00e4ufig gestell\u00adte Fragen zum Asset Purcha\u00adse Agreement<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-was-ist-ein-asset-purchase-agreement-apa-grundlagen-und-zweck\">Was ist ein Asset Purcha\u00adse Agree\u00adment (<span class=\"caps\">APA<\/span>)? Grund\u00adla\u00adgen und&nbsp;Zweck<\/h2>\n\n\n\n<p>A <strong>Asset Purcha\u00adse Agree\u00adment<\/strong> bietet eine M\u00f6glich\u00adkeit f\u00fcr strate\u00adgi\u00adsche Unter\u00adneh\u00admens\u00adak\u00adqui\u00adsi\u00adtio\u00adnen mit maxima\u00adler Flexibilit\u00e4t.<\/p>\n\n\n\n<p>A <strong>Asset Purcha\u00adse Agree\u00adment (<span class=\"caps\">APA<\/span>)<\/strong>, im Deutschen auch als <strong>Verm\u00f6\u00adgen\u00ads\u00adkauf\u00adver\u00adtrag<\/strong> bezeich\u00adnet, ist die vertrag\u00adli\u00adche Grund\u00adla\u00adge f\u00fcr den geziel\u00adten Kauf und Verkauf spezi\u00adfi\u00adscher Verm\u00f6\u00adgens\u00adwer\u00adte eines Unter\u00adneh\u00admens. Anders als beim <strong>Share Deal<\/strong>, wo <a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/kupic-akcje-spolki-5\/\" target=\"_self\">Unter\u00adneh\u00admens\u00adan\u00adtei\u00adle<\/a> erwor\u00adben werden, erm\u00f6g\u00adlicht der <span class=\"caps\">APA<\/span> den <strong>selek\u00adti\u00adven Erwerb von Einzel\u00adwirt\u00adschafts\u00adg\u00fc\u00adtern<\/strong> \u2013 dies kann ein entschei\u00adden\u00adder Vorteil f\u00fcr risiko\u00adbe\u00adwuss\u00adte Unter\u00adneh\u00admer&nbsp;sein.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ziel-und-anwendungsbereiche-des-apa\">Ziel und Anwen\u00addungs\u00adbe\u00adrei\u00adche des&nbsp;<span class=\"caps\">APA<\/span><\/h3>\n\n\n\n<p>Der Asset Deal er\u00f6ff\u00adnet Ihnen vier zentra\u00adle Anwendungsfelder:<\/p>\n\n\n\n<p><strong>Selek\u00adti\u00adver Erwerb<\/strong>: Sie k\u00f6nnen gezielt werthal\u00adti\u00adge Assets ausw\u00e4h\u00adlen \u2013 beispiels\u00adwei\u00adse Paten\u00adte, Kunden\u00adst\u00e4m\u00adme oder moder\u00adne Maschi\u00adnen \u2013 und ungewoll\u00adte Verbind\u00adlich\u00adkei\u00adten beim Verk\u00e4u\u00adfer belas\u00adsen. Diese <strong>Risiko\u00admi\u00adni\u00admie\u00adrung<\/strong> jest szcze\u00adg\u00f3l\u00adnie korzyst\u00adne w przypad\u00adku z\u0142o\u017conych struk\u00adtur przedsi\u0119biorstw.<\/p>\n\n\n\n<p><strong>Restruk\u00adtu\u00adry\u00adzac\u00adja i <\/strong><a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/wyrzezbic\/\" target=\"_self\"><strong>Wyodr\u0119b\u00adni\u00ade\u00adnie<\/strong><\/a>: <span class=\"caps\">APA<\/span> zapew\u00adnia bezpiec\u00adze\u0144st\u00adwo prawne w przypad\u00adku celowego wydzie\u00adlenia dzia\u0142u dzia\u0142al\u00adno\u015bci z wi\u0119ks\u00adze\u00adgo przedsi\u0119biorstwa.<\/p>\n\n\n\n<p><strong>Sukces\u00adja przedsi\u0119\u00adbi\u00adorst\u00adwa<\/strong>: Jako opcja strate\u00adgicz\u00adna, umowa dotyc\u00adz\u0105\u00adca przenie\u00adsi\u00ade\u00adnia aktyw\u00f3w umo\u017cli\u00adwia przenie\u00adsi\u00ade\u00adnie przedsi\u0119\u00adbi\u00adorst\u00adwa lub poszc\u00adze\u00adg\u00f3l\u00adnych obszar\u00f3w dzia\u0142al\u00adno\u015bci bez przej\u00admo\u00adwa\u00adnia ca\u0142ej struk\u00adtu\u00adry prawnej.<\/p>\n\n\n\n<p><strong>Post\u0119\u00adpo\u00adwa\u00adnie upad\u0142o\u015bcio\u00adwe<\/strong>: Nabycie warto\u015bcio\u00adwych aktyw\u00f3w z masy upad\u0142o\u015bcio\u00adwej stwarza mo\u017cli\u00adwo\u015bci dla nabyw\u00adc\u00f3w przedsi\u0119biorstw.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-abgrenzung-zum-share-deal\">Abgren\u00adzung zum Share&nbsp;Deal<\/h3>\n\n\n\n<p>Podsta\u00adwo\u00adwa r\u00f3\u017cni\u00adca polega na tym, \u017ce <strong>przedmi\u00adot zakupu<\/strong>: Podcz\u00adas gdy w przypad\u00adku <span class=\"caps\">APA<\/span> nabywa\u00adne s\u0105 poszc\u00adze\u00adg\u00f3l\u00adne aktywa, w przypad\u00adku transak\u00adc\u00adji udzia\u0142o\u00adwej przedmio\u00adtem zainte\u00adre\u00adso\u00adwa\u00adnia s\u0105 udzia\u0142y w sp\u00f3\u0142ce. Oznac\u00adza to, \u017ce <strong>Sukces\u00adja praw indywi\u00addu\u00adal\u00adnych<\/strong> versus <strong>ca\u0142ko\u00adwi\u00adta sukces\u00adja prawna<\/strong> \u2013 co ma znacz\u0105\u00adcy wp\u0142yw na odpowied\u00adzi\u00adal\u00adno\u015b\u0107 i ryzyko.<\/p>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/porada-zapytanie\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"348\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/09\/KERN-Firmenuebernahme-Beratung-anfordern.jpg\" alt=\"Popro\u015b o bezp\u0142atn\u0105 konsultacj\u0119 na temat przej\u0119cia sp\u00f3\u0142ki\" class=\"wp-image-24195\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/09\/KERN-Firmenuebernahme-Beratung-anfordern.jpg 500w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/09\/KERN-Firmenuebernahme-Beratung-anfordern-300x209.jpg 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/09\/KERN-Firmenuebernahme-Beratung-anfordern-18x12.jpg 18w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\"><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1140\" height=\"700\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2026\/01\/Standorte-KERN_10.2025.webp\" alt=\"Standorte-KERN_10.2025\" class=\"wp-image-35545\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2026\/01\/Standorte-KERN_10.2025.webp 1140w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2026\/01\/Standorte-KERN_10.2025-768x472.webp 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2026\/01\/Standorte-KERN_10.2025-18x12.webp 18w\" sizes=\"auto, (max-width: 1140px) 100vw, 1140px\"><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-die-kernbestandteile-eines-asset-purchase-agreements-eine-checkliste\">Die Kernbe\u00adstand\u00adtei\u00adle eines Asset Purcha\u00adse Agree\u00adments: Eine Checkliste<\/h2>\n\n\n\n<p>Staran\u00adnie opraco\u00adwa\u00adny <strong>Asset Purcha\u00adse Agree\u00adment<\/strong> ma kluczowe znacze\u00adnie dla pomy\u015bl\u00adnej reali\u00adzac\u00adji transak\u00adc\u00adji i minima\u00adli\u00adzu\u00adje p\u00f3\u017anie\u00adjs\u00adze&nbsp;spory.<\/p>\n\n\n\n<p>Zwr\u00f3\u0107 uwag\u0119 na precy\u00adzy\u00adj\u00adne sformu\u0142o\u00adwa\u00adnie poni\u017cs\u00adzych klauzul, aby optymal\u00adnie chroni\u0107 swoje intere\u00adsy i zapew\u00adni\u0107 jasno\u015b\u0107 prawn\u0105.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-praambel-und-vertragsgegenstand-assets-amp-liabilities\">Pr\u00e4am\u00adbel und Vertrags\u00adge\u00adgen\u00adstand (Assets <span class=\"amp\">&amp;<\/span> Liabilities)<\/h3>\n\n\n\n<p>Firma <strong>Pream\u00adbu\u0142a (motywy)<\/strong> okre\u015b\u00adla kontekst i cele transak\u00adc\u00adji oraz zapew\u00adnia niezb\u0119d\u00adne zrozu\u00admi\u00ade\u00adnie wszyst\u00adkim stronom umowy.<\/p>\n\n\n\n<p>Na szcze\u00adg\u00f3ln\u0105 uwag\u0119 zas\u0142u\u00adgu\u00adje <strong>Definic\u00adja sprze\u00addanych aktyw\u00f3w (Assets)<\/strong>: Tutaj znajdu\u00adje si\u0119 dok\u0142ad\u00adny wykaz d\u00f3br materi\u00adal\u00adnych, takich jak maszy\u00adny, nierucho\u00admo\u015bci i zapasy, a tak\u017ce warto\u015bci niema\u00adte\u00adri\u00adal\u00adnych, takich jak paten\u00adty, marki, umowy z klien\u00adta\u00admi i <strong>know-how<\/strong>. Szcze\u00adg\u00f3\u0142o\u00adwe za\u0142\u0105cz\u00adni\u00adki zapobie\u00adga\u00adj\u0105 p\u00f3\u017anie\u00adjs\u00adzym sporom interpretacyjnym.<\/p>\n\n\n\n<p>R\u00f3wno\u00adle\u00adgle do tego regulu\u00adje to <strong>Definic\u00adja (nie)przej\u0119tych zobowi\u0105\u00adza\u0144 (Liabi\u00adli\u00adties)<\/strong> jasne okre\u015b\u00adle\u00adnie, kt\u00f3re d\u0142ugi i zobowi\u0105\u00adza\u00adnia przechod\u00adz\u0105 na nabyw\u00adc\u0119, a kt\u00f3re pozosta\u00adj\u0105 po stronie sprze\u00adda\u00adj\u0105ce\u00adgo \u2013 kluczowy element kontro\u00adli ryzyka.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kaufpreis-purchase-price-und-zahlungsmodalitaten\">Kaufpreis (Purcha\u00adse Price) und Zahlungsmodalit\u00e4ten<\/h3>\n\n\n\n<p>Firma <strong>Aloka\u00adc\u00adja ceny zakupu<\/strong> dzieli ca\u0142ko\u00adwi\u00adt\u0105 cen\u0119 zakupu na poszc\u00adze\u00adg\u00f3l\u00adne nabyte aktywa \u2013 wa\u017cne dla amorty\u00adzac\u00adji podat\u00adko\u00adwej i <strong>Optyma\u00adli\u00adzac\u00adja <span class=\"caps\">EBIT<\/span><\/strong> (Zysk przed odset\u00adka\u00admi i podatkami).<\/p>\n\n\n\n<p><strong>Warun\u00adki p\u0142atno\u015bci<\/strong> obejmu\u00adj\u0105 termin p\u0142atno\u015bci, walut\u0119, spos\u00f3b p\u0142atno\u015bci i, w stosownych przypad\u00adkach, <a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/earn-out\/\" target=\"_self\"><strong>Earn-Out<\/strong><\/a><strong>-klauzu\u00adle<\/strong> dla zmien\u00adnych sk\u0142ad\u00adni\u00adk\u00f3w ceny zakupu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-zusicherungen-und-garantien-representations-amp-warranties\">Zusiche\u00adrun\u00adgen und Garan\u00adtien (Repre\u00adsen\u00adta\u00adti\u00adons <span class=\"amp\">&amp;<\/span> Warranties)<\/h3>\n\n\n\n<p><strong>Gwaran\u00adc\u00adje sprze\u00addaw\u00adcy<\/strong> zawie\u00adra\u00adj\u0105 zapew\u00adni\u00adenia dotyc\u00adz\u0105ce stanu, w\u0142asno\u015bci i braku obci\u0105\u017ce\u0144 aktyw\u00f3w oraz komplet\u00adno\u015bci wszyst\u00adkich dostar\u00adc\u00adz\u00adonych informacji.<\/p>\n\n\n\n<p>Firma <strong>Konse\u00adkwen\u00adc\u00adje prawne narusze\u00adnia gwaran\u00adc\u00adji<\/strong> regulu\u00adj\u0105 odszko\u00addo\u00adwa\u00adnia, prawa do odst\u0105pi\u00ade\u00adnia od umowy i <strong>Limity odpowied\u00adzi\u00adal\u00adno\u015bci<\/strong> (De minimis, koszyk, limit) \u2013 istot\u00adne instru\u00admen\u00adty ochron\u00adne dla obu&nbsp;stron.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-vollzugsbedingungen-conditions-precedent-und-closing\">Vollzugs\u00adbe\u00addin\u00adgun\u00adgen (Condi\u00adti\u00adons Prece\u00addent) und Closing<\/h3>\n\n\n\n<p><strong>Warun\u00adki wykona\u00adnia<\/strong> obejmu\u00adj\u0105 niezb\u0119d\u00adne zgody organ\u00f3w antymo\u00adno\u00adpo\u00adlo\u00adwych, kontra\u00adhen\u00adt\u00f3w w przypad\u00adku przej\u0119cia um\u00f3w lub komitetu wierzy\u00adcie\u00adli, a tak\u017ce potwierd\u00adze\u00adnie, \u017ce nie nast\u0105pi\u0142y \u017cadne istot\u00adne negatyw\u00adne zmiany.<\/p>\n\n\n\n<p>Strona <a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/zamkniecie-strony\/\" target=\"_self\"><strong>Zamkni\u0119cie<\/strong><\/a><strong>-mecha\u00adnizm<\/strong> okre\u015b\u00adla termin i miejs\u00adce reali\u00adzac\u00adji, dokumen\u00adty, kt\u00f3re nale\u017cy przeka\u00adza\u0107, oraz niezb\u0119d\u00adne czynno\u015bci wykonawcze.<\/p>\n\n\n\n<p>Firma <strong>Okres przej\u015bcio\u00adwy<\/strong> regulu\u00adje kryty\u00adcz\u00adny okres mi\u0119dzy podpi\u00adsa\u00adniem umowy (<strong>Podpi\u00adsy\u00adwa\u00adnie dokumen\u00adt\u00f3w<\/strong>) oraz wykona\u00adnie (<strong>Zamkni\u0119cie<\/strong>).<\/p>\n\n\n\n<div style=\"height:38px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/obliczanie-wartosci-firmy-tak-proste-ze-idzie\/\"><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"700\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Unternehmensbewertung-Rechner.jpg\" alt=\"Teaser dla kalkulatora warto\u015bci przedsi\u0119biorstwa firmy KERN\" class=\"wp-image-33909\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Unternehmensbewertung-Rechner.jpg 2048w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Unternehmensbewertung-Rechner-768x263.jpg 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Unternehmensbewertung-Rechner-1536x525.jpg 1536w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Unternehmensbewertung-Rechner-18x6.jpg 18w\" sizes=\"auto, (max-width: 2048px) 100vw, 2048px\"><\/a><\/figure>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-asset-purchase-vs-share-purchase-agreement-spa-der-entscheidende-unterschied\">Asset Purcha\u00adse vs. Share Purcha\u00adse Agree\u00adment (<span class=\"caps\">SPA<\/span>): Der entschei\u00adden\u00adde Unterschied<\/h2>\n\n\n\n<p>Wyb\u00f3r mi\u0119dzy <strong>Transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w<\/strong> i <strong>Share Deal<\/strong> jest jedn\u0105 z najbard\u00adziej funda\u00admen\u00adtal\u00adnych decyz\u00adji przy <a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/transakcja-korporacyjna\/\" target=\"_self\">Transak\u00adc\u00adje korpora\u00adcy\u00adj\u00adne<\/a> z daleko id\u0105cy\u00admi konsekwencjami.<\/p>\n\n\n\n<p>Ten strate\u00adgicz\u00adny wyb\u00f3r ma wp\u0142yw nie tylko na struk\u00adtur\u0119 prawn\u0105 transak\u00adc\u00adji, ale tak\u017ce na skutki podat\u00adko\u00adwe, ryzyko odpowied\u00adzi\u00adal\u00adno\u015bci i z\u0142o\u017co\u00adno\u00ad\u015b\u0107 ca\u0142ego proce\u00adsu zakupu. Dlate\u00adgo te\u017c dog\u0142\u0119b\u00adne zrozu\u00admi\u00ade\u00adnie r\u00f3\u017cnic ma zasad\u00adnic\u00adze znacze\u00adnie dla pomy\u015bl\u00adn\u00adego przej\u0119cia przedsi\u0119biorstwa.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-haftungsubernahme-und-risiko\">Haftungs\u00ad\u00fcber\u00adnah\u00adme und Risiko<\/h3>\n\n\n\n<p><strong>Asset Purcha\u00adse Agree\u00adment (<span class=\"caps\">APA<\/span>)<\/strong>: Jako kupuj\u0105\u00adcy zasad\u00adnic\u00adzo przej\u00admu\u00adj\u0105 Pa\u0144st\u00adwo wy\u0142\u0105cz\u00adnie zobowi\u0105\u00adza\u00adnia wyra\u017a\u00adnie wymien\u00adio\u00adne w umowie. To <strong>\u201eWybieranie najleps\u00adzych elemen\u00adt\u00f3w\u201c<\/strong> umo\u017cli\u00adwia maksy\u00adm\u00adal\u00adn\u0105 kontrol\u0119 ryzyka. Nale\u017cy jednak pami\u0119\u00adta\u0107 o wyj\u0105t\u00adkach przewid\u00adzianych przepi\u00adsa\u00admi prawa, takich jak <strong>\u00a7 613a <span class=\"caps\">BGB<\/span> (niemieckie\u00adgo kodek\u00adsu cywil\u00adn\u00adego)<\/strong> (przenie\u00adsi\u00ade\u00adnie przedsi\u0119\u00adbi\u00adorst\u00adwa) oraz <strong>\u00a7 25 <span class=\"caps\">HGB<\/span> (niemieckie\u00adgo kodek\u00adsu handlo\u00adwego)<\/strong> (konty\u00adnu\u00adac\u00adja dzia\u0142al\u00adno\u015bci firmy), kt\u00f3re mog\u0105 skutko\u00adwa\u0107 przej\u0119ciem odpowiedzialno\u015bci.<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/APA-Cherry-Picking-Prinzip.jpg\" alt=\"Grafika przedstawiaj\u0105ca zasad\u0119 cherry picking w przypadku APA.\" class=\"wp-image-34011\" style=\"width:883px;height:auto\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/APA-Cherry-Picking-Prinzip.jpg 1024w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/APA-Cherry-Picking-Prinzip-768x576.jpg 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/APA-Cherry-Picking-Prinzip-16x12.jpg 16w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/APA-Cherry-Picking-Prinzip-600x450.jpg 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/umowa-sprzedazy-akcji\/\" target=\"_self\"><strong>Umowa nabycia udzia\u0142\u00f3w<\/strong><\/a><strong> (<span class=\"caps\">SPA<\/span>)<\/strong>: W przypad\u00adku <strong>Share Deal<\/strong> nabywa\u00adj\u0105 udzia\u0142y w sp\u00f3\u0142ce, a tym samym przedsi\u0119\u00adbi\u00adorst\u00adwo <strong>\u201etak jak jest\u201c<\/strong> w tym wszyst\u00adkich znanych i nieznanych zobowi\u0105\u00adza\u0144. Te <strong>ca\u0142ko\u00adwi\u00adta sukces\u00adja prawna<\/strong> wi\u0105\u017ce si\u0119 z wi\u0119ks\u00adzym ryzykiem, ale oferu\u00adje r\u00f3wnie\u017c uproszc\u00adze\u00adnia i cz\u0119sto wi\u0119ks\u00adz\u0105 pewno\u015b\u0107 prawn\u0105 w odnie\u00adsi\u00ade\u00adniu do przej\u0119cia (wa\u017cnych) um\u00f3w.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-komplexitat-der-transaktion-und-ubertragung\">Komple\u00adxi\u00adt\u00e4t der Trans\u00adak\u00adti\u00adon und \u00dcbertragung<\/h3>\n\n\n\n<p><strong>Transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w<\/strong>: Proces ten jest bardziej praco\u00adch\u0142on\u00adny, ponie\u00adwa\u017c ka\u017cdy zas\u00f3b musi by\u0107 indywi\u00addu\u00adal\u00adnie ziden\u00adty\u00adfi\u00adkowa\u00adny i przenie\u00adsio\u00adny. <strong>Zgody os\u00f3b trzecich<\/strong> \u2013 na przyk\u0142ad w przypad\u00adku przej\u0119cia umowy \u2013 s\u0105 cz\u0119sto koniecz\u00adne i mog\u0105 mie\u0107 wp\u0142yw na harmo\u00adno\u00adgram. Nie jest natomi\u00adast potrzeb\u00adny notari\u00adusz, ponie\u00adwa\u017c umowa jest zawier\u00adana na podsta\u00adwie prawa prywatnego.<\/p>\n\n\n\n<p><strong>Share Deal<\/strong>: Pod wzgl\u0119\u00addem prawnym \u0142atwie\u00adjs\u00adze przenie\u00adsi\u00ade\u00adnie udzia\u0142\u00f3w, ponie\u00adwa\u017c przedsi\u0119\u00adbi\u00adorst\u00adwo jest trakto\u00adwa\u00adne jako <strong>podmi\u00adot prawny<\/strong> pozosta\u00adje niezmi\u00aden\u00adio\u00adna i nie ma koniecz\u00adno\u015bci przen\u00ado\u00adsze\u00adnia poszc\u00adze\u00adg\u00f3l\u00adnych sk\u0142ad\u00adni\u00adk\u00f3w maj\u0105t\u00adku. Jedno\u00adc\u00adze\u015b\u00adnie w przypad\u00adku transak\u00adc\u00adji typu share deal wymaga\u00adne jest po\u015bwiad\u00adc\u00adze\u00adnie umowy kupna przez notariusza.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steuerliche-implikationen\">Steuer\u00adli\u00adche Implikationen<\/h3>\n\n\n\n<p><strong>Transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w<\/strong> oferu\u00adje kupuj\u0105\u00adcym mo\u017cli\u00adwo\u015b\u0107 <strong>Ujawni\u00ade\u00adnie cichych rezerw<\/strong> i amorty\u00adzac\u00adja nabytych aktyw\u00f3w (<strong>Step-up<\/strong>). Sprze\u00addaw\u00adcy musz\u0105 jednak pami\u0119\u00adta\u0107, \u017ce zysk ze sprze\u00adda\u017cy cz\u0119sto stanowi <strong>podatek docho\u00addo\u00adwy od os\u00f3b prawnych<\/strong> i <strong>Podatek handlo\u00adwy<\/strong> podlega.<\/p>\n\n\n\n<p><strong>Share Deal<\/strong> nie umo\u017cli\u00adwia nabyw\u00adcom bezpo\u015b\u00adred\u00adnie\u00adgo amorty\u00adzowa\u00adnia aktyw\u00f3w przedsi\u0119\u00adbi\u00adorst\u00adwa docelo\u00adwego. Dla sprze\u00adda\u00adj\u0105\u00adcych struk\u00adtu\u00adra ta jest cz\u0119sto korzyst\u00adnie\u00adjs\u00adza pod wzgl\u0119\u00addem podat\u00adko\u00adwym dzi\u0119ki <strong>Proce\u00addu\u00adra cz\u0119\u015bcio\u00adwego docho\u00addu<\/strong> oraz <strong><a href=\"https:\/\/www.gesetze-im-internet.de\/kstg_1977\/__8b.html\" target=\"_blank\" rel=\"noopener\">\u00a7 8b ustawy o podat\u00adku docho\u00addo\u00adwym od os\u00f3b prawnych (KStG)<\/a><\/strong> (Ustawa o podat\u00adku docho\u00addo\u00adwym od os\u00f3b prawnych).<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/webinare.kern-unternehmensnachfolge.com\/13054\/8235\/unternehmensverkauf_ohne_risiko_und_wertverlust.html?mode=N&amp;v=4\"><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"700\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Webinar-Unternehmensverkauf.jpg\" alt=\"Baner na webinarium dotycz\u0105ce sprzeda\u017cy przedsi\u0119biorstwa\" class=\"wp-image-33948\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Webinar-Unternehmensverkauf.jpg 2048w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Webinar-Unternehmensverkauf-768x263.jpg 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Webinar-Unternehmensverkauf-1536x525.jpg 1536w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/05\/Webinar-Unternehmensverkauf-18x6.jpg 18w\" sizes=\"auto, (max-width: 2048px) 100vw, 2048px\"><\/a><\/figure>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-eines-asset-purchase-agreements\">Vor- und Nachtei\u00adle eines Asset Purcha\u00adse Agreements<\/h2>\n\n\n\n<p>A <strong>Asset Purcha\u00adse Agree\u00adment<\/strong> ma konkret\u00adne zalety i wady dla kupuj\u0105\u00adcych i sprze\u00adda\u00adj\u0105\u00adcych, kt\u00f3re trzeba dok\u0142ad\u00adnie rozwa\u017cy\u0107.<\/p>\n\n\n\n<p>Strate\u00adgicz\u00adna decyz\u00adja za lub przeciw transak\u00adc\u00adji typu asset deal zale\u017cy od indywi\u00addu\u00adal\u00adnych cel\u00f3w, sk\u0142on\u00adno\u015bci do ryzyka oraz warun\u00adk\u00f3w podatkowych.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-aus-kaufersicht\">Aus K\u00e4ufer\u00adsicht<\/h3>\n\n\n\n<p><strong>Zalety<\/strong>The <strong>celowe nabywa\u00adnie po\u017c\u0105danych aktyw\u00f3w<\/strong> umo\u017cli\u00adwia maksy\u00adm\u00adal\u00adn\u0105 elasty\u00adcz\u00adno\u015b\u0107 przy tworze\u00adniu portfela. Unika\u00adj\u0105 Pa\u0144st\u00adwo niepo\u017c\u0105\u00addanych zobowi\u0105\u00adza\u0144 dzi\u0119ki skutecz\u00adnym <strong>kontro\u00adla ryzyka<\/strong> i skorzystaj z mo\u017cli\u00adwo\u015bci <strong>podwy\u017cs\u00adzo\u00adna warto\u015b\u0107 podat\u00adko\u00adwa<\/strong> z wi\u0119ks\u00adzymi mo\u017cli\u00adwo\u015bcia\u00admi amortyzacji.<\/p>\n\n\n\n<p><strong>Wady<\/strong>: Die <strong>bardziej z\u0142o\u017co\u00adne przesy\u0142a\u00adnie<\/strong> ka\u017cde\u00adgo pojedy\u00adn\u00adc\u00adze\u00adgo sk\u0142ad\u00adni\u00adka maj\u0105t\u00adku mo\u017ce by\u0107 czaso\u00adch\u0142on\u00adne. Cz\u0119sto <strong>Zgody os\u00f3b trzecich<\/strong> koniecz\u00adne, na przyk\u0142ad w przypad\u00adku wa\u017cnych um\u00f3w. Ponadto mo\u017ce to skutko\u00adwa\u0107 poten\u00adc\u00adjal\u00adnie wy\u017csz\u0105 cen\u0105 zakupu wybranych aktyw\u00f3w.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-aus-verkaufersicht\">Aus Verk\u00e4u\u00adfer\u00adsicht<\/h3>\n\n\n\n<p><strong>Zalety<\/strong>: Mo\u017cna zby\u0107 nieren\u00adtow\u00adne obsza\u00adry dzia\u0142al\u00adno\u015bci lub okre\u015b\u00adlo\u00adne aktywa, zacho\u00adwu\u00adj\u0105c przy tym <strong>przedsi\u0119\u00adbi\u00adorst\u00adwo podsta\u00adwo\u00adwe<\/strong> Zacho\u00adwaj. Jasne rozgra\u00adnic\u00adze\u00adnie sprze\u00addanych cz\u0119\u015bci zapew\u00adnia bezpiec\u00adze\u0144st\u00adwo prawne dla pozosta\u0142ej dzia\u0142al\u00adno\u015bci biznesowej.<\/p>\n\n\n\n<p><strong>Wady<\/strong>: Cz\u0119sto <strong>bardziej skompli\u00adko\u00adwa\u00adny proces sprze\u00adda\u017cy<\/strong> wymaga wi\u0119ks\u00adzych zasob\u00f3w. Pozosta\u0142e aktywa i zobowi\u0105\u00adza\u00adnia musz\u0105 by\u0107 konty\u00adnuo\u00adwa\u00adne lub rozlic\u00adzo\u00adne. Pod wzgl\u0119\u00addem podat\u00adko\u00adwym transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w mo\u017ce by\u0107 mniej korzyst\u00adna ni\u017c <strong>Share Deal<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-haufig-gestellte-fragen-zum-asset-purchase-agreement\">H\u00e4ufig gestell\u00adte Fragen zum Asset Purcha\u00adse Agreement<\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list\">\n<div id=\"faq-question-69a1828be0d52\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Czym jest umowa kupna maj\u0105tku?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p>A <strong>Verm\u00f6\u00adgen\u00ads\u00adkauf\u00adver\u00adtrag<\/strong> (Umowa zakupu aktyw\u00f3w) regulu\u00adje zakup okre\u015b\u00adl\u00adonych <strong>Verm\u00f6\u00adgens\u00adwer\u00adte<\/strong> przedsi\u0119\u00adbi\u00adorst\u00adwa, a nie nabycie udzia\u0142\u00f3w w przedsi\u0119\u00adbi\u00adorst\u00adwie. Zapew\u00adnia maksy\u00adm\u00adal\u00adn\u0105 elasty\u00adcz\u00adno\u015b\u0107 w zakre\u00adsie <strong>Wyb\u00f3r aktyw\u00f3w<\/strong> i umo\u017cli\u00adwia Pa\u0144st\u00adwu ukier\u00adun\u00adkowan\u0105 kontrol\u0119 ryzyka.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828be0d55\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Jak dzia\u0142a <span class=\"caps\">APA<\/span>?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span class=\"caps\">APA<\/span> szcze\u00adg\u00f3\u0142o\u00adwo okre\u015b\u00adla, jakie <strong>Aktywa<\/strong> i w razie potrze\u00adby <strong>Zobowi\u0105\u00adza\u00adnia<\/strong> przeka\u00adzy\u00adwa\u00adne, defini\u00aduje <strong>Cena zakupu<\/strong> i regulu\u00adje kompl\u00adek\u00adso\u00adwe gwaran\u00adc\u00adje. Ka\u017cdy sk\u0142ad\u00adnik maj\u0105t\u00adku jest <strong>pojedy\u00adn\u00adc\u00adzo<\/strong> przenie\u00adsio\u00adne na nabyw\u00adc\u0119 \u2013 w przeci\u00adwie\u0144st\u00adwie do ca\u0142ko\u00adwi\u00adte\u00adgo przenie\u00adsi\u00ade\u00adnia w przypad\u00adku transak\u00adc\u00adji typu share&nbsp;deal.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828be0d56\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Jaka jest r\u00f3\u017cni\u00adca mi\u0119dzy transak\u00adc\u00adj\u0105 dotyc\u00adz\u0105c\u0105 aktyw\u00f3w a transak\u00adc\u00adj\u0105 dotyc\u00adz\u0105c\u0105 udzia\u0142\u00f3w?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p>Na stronie <strong>Transak\u00adc\u00adja dotyc\u00adz\u0105\u00adca aktyw\u00f3w<\/strong> zakupy\u00adwa\u00adne s\u0105 poszc\u00adze\u00adg\u00f3l\u00adne aktywa (<strong>Sukces\u00adja praw indywi\u00addu\u00adal\u00adnych<\/strong>), przy <strong>Share Deal<\/strong> Udzia\u0142y w sp\u00f3\u0142ce (<strong>ca\u0142ko\u00adwi\u00adta sukces\u00adja prawna<\/strong> wraz ze wszyst\u00adki\u00admi prawa\u00admi i obowi\u0105z\u00adka\u00admi). Rozr\u00f3\u017c\u00adni\u00ade\u00adnie to ma istot\u00adny wp\u0142yw na odpowied\u00adzi\u00adal\u00adno\u015b\u0107, podat\u00adki i ryzyko.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828be0d57\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Jakie ryzyko niesie ze sob\u0105 umowa nabycia aktyw\u00f3w dla kupuj\u0105cego?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p>Ryzyko obejmu\u00adje <strong>kompl\u00adek\u00adso\u00adwa trans\u00admis\u00adja pojedy\u00adn\u00adc\u00adza<\/strong> aktyw\u00f3w, ewentu\u00adal\u00adne nieodkry\u00adte wady pomimo <strong>Due Diligence<\/strong> i koniecz\u00adno\u015b\u0107 <strong>Zgody os\u00f3b trzecich<\/strong> w przypad\u00adku przej\u0119cia um\u00f3w. Profes\u00adjo\u00adnal\u00adne doradzt\u00adwo w zakre\u00adsie fuzji i przej\u0119\u0107 znacz\u00adnie minima\u00adli\u00adzu\u00adje te ryzyka.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828be0d58\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Czy umowa nabycia aktyw\u00f3w musi by\u0107 po\u015bwiad\u00adc\u00adzo\u00adna notarialnie?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p>Zasad\u00adnic\u00adzo <strong>nie<\/strong>, ale je\u015bli <strong>Nierucho\u00admo\u015bci<\/strong>, <strong>Udzia\u0142y w sp\u00f3\u0142ce z ogranic\u00adzon\u0105 odpowied\u00adzi\u00adal\u00adno\u015bci\u0105<\/strong> lub ca\u0142o\u015b\u0107 maj\u0105t\u00adku, jest <strong>po\u015bwiad\u00adc\u00adze\u00adnie notari\u00adal\u00adne<\/strong> wymaga\u00adne przez prawo (\u00a7 311b&nbsp;<span class=\"caps\">BGB<\/span>).<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828be0d59\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\">Co oznac\u00adza termin \u201egoing concern\u201c w kontek\u015bcie <span class=\"caps\">APA<\/span>?<\/h3>\n<div class=\"rank-math-answer\">\n\n<p><strong><span class=\"dquo\">\u201e<\/span>Konty\u00adnu\u00adac\u00adja dzia\u0142al\u00adno\u015bci\u201c<\/strong> odnosi si\u0119 do <strong>Konty\u00adnu\u00adac\u00adja nabytej dzia\u0142al\u00adno\u015bci<\/strong>. W przypad\u00adku sprze\u00adda\u017cy ca\u0142o\u015bci przedsi\u0119\u00adbi\u00adorst\u00adwa mo\u017ce <strong>obowi\u0105\u00adzek podat\u00adko\u00adwy<\/strong> nie maj\u0105 zasto\u00adso\u00adwa\u00adnia (\u00a7 1 ust. 1a UStG) \u2013 korzy\u015b\u0107 podat\u00adko\u00adwa dla obu&nbsp;stron.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Ein Asset Purchase Agreement (APA), genutzt im Rahmen sogenannter Asset Deals, er\u00f6ffnet Unternehmern pr\u00e4zise M\u00f6glichkeiten beim Erwerb spezifischer Verm\u00f6genswerte \u2013 [&hellip;]<\/p>\n","protected":false},"author":88,"featured_media":34010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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