{"id":34013,"date":"2025-06-03T14:14:56","date_gmt":"2025-06-03T12:14:56","guid":{"rendered":"https:\/\/www.kern-unternehmensnachfolge.com\/?p=34013"},"modified":"2026-02-27T12:39:53","modified_gmt":"2026-02-27T11:39:53","slug":"procedura-stuttgarska","status":"publish","type":"post","link":"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/stuttgarter-verfahren\/","title":{"rendered":"Metoda Stutt\u00adgar\u00adta: histo\u00adria, oblic\u00adze\u00adnia i aktual\u00adne znaczenie"},"content":{"rendered":"<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Metoda stuttgar\u00adcka by\u0142a metod\u0105 wyceny warto\u015bci przedsi\u0119\u00adbi\u00adorst\u00adwa, stoso\u00adwan\u0105 w przes\u00adz\u0142o\u015bci zw\u0142aszc\u00adza do cel\u00f3w podat\u00adko\u00adwych. Pierwot\u00adnie proce\u00addu\u00adra ta zosta\u0142a opraco\u00adwa\u00adna jako metoda szaco\u00adwa\u00adnia warto\u015bci udzia\u0142\u00f3w w sp\u00f3\u0142kach kapita\u0142o\u00adwych nienoto\u00adwanych na gie\u0142d\u00adzie. Odgry\u00adwa\u0142a ona kluczow\u0105 rol\u0119 w podat\u00adku od spadk\u00f3w i darowizn, zgodnie z dawny\u00admi przepi\u00adsa\u00admi (\u00a7 12 ust. 2 ErbStG w starym brzmi\u00ade\u00adniu w zwi\u0105z\u00adku z \u00a7 11 ust. 2 zdanie 2 BewG w starym brzmi\u00ade\u00adniu). Wytycz\u00adne dotyc\u00adz\u0105ce podat\u00adku od spadk\u00f3w (R 96 ff. ErbStR 2003) regulu\u00adj\u0105 t\u0119 metod\u0119 wyceny, kt\u00f3ra przez wiele lat by\u0142a standardem w zakre\u00adsie podat\u00adk\u00f3w. <\/span><a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/kalkulator-wyceny-przedsiebiorstwa\/\" target=\"_self\"><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Wycena przedsi\u0119\u00adbi\u00adorst\u00adwa<\/span><\/a><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\"> obowi\u0105\u00adzy\u00adwa\u0142o \u2013 do ko\u0144ca 2008&nbsp;r.<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Proce\u00addu\u00adra ta opiera si\u0119 na podsta\u00adwo\u00adwej zasad\u00adzie rozlic\u00adza\u00adnia nadwy\u017cki zysk\u00f3w. W odr\u00f3\u017c\u00adni\u00adeniu od podej\u015b\u0107 opartych wy\u0142\u0105cz\u00adnie na docho\u00addach lub warto\u015bci rzeczy\u00adwis\u00adtej, warto\u015b\u0107 udzia\u0142u jest tutaj rozumi\u00ada\u00adna jako suma warto\u015bci rzeczy\u00adwis\u00adtej maj\u0105t\u00adku i premii za ponad\u00adprze\u00adci\u0119t\u00adne zyski. Zazwy\u00adc\u00adzaj do oblic\u00adze\u00adnia oczeki\u00adwanych nadwy\u017cek zysk\u00f3w wykor\u00adzy\u00adsty\u00adwa\u00adno ogranic\u00adz\u00ado\u00adny okres pi\u0119ciu lat. Adminis\u00adtrac\u00adja finan\u00adso\u00adwa w Stuttgar\u00adcie, opiera\u00adj\u0105c si\u0119 na orzecz\u00adnict\u00adwie Federal\u00adn\u00adego Trybu\u00adna\u0142u Finan\u00adso\u00adwego, opraco\u00adwa\u0142a t\u0119 metod\u0119 w celu uzyska\u00adnia mo\u017cli\u00adwie jedno\u00adli\u00adtej i uproszc\u00adzo\u00adnej wyceny do cel\u00f3w podat\u00adko\u00adwych. Pomimo inten\u00adsyw\u00adn\u00adego stoso\u00adwa\u00adnia tej metody w przes\u00adz\u0142o\u015bci, sta\u0142o si\u0119 jasne, \u017ce by\u0142a ona \u015bci\u015ble powi\u0105z\u00ada\u00adna z konkret\u00adny\u00admi potrzeb\u00ada\u00admi fiskal\u00adny\u00admi, co by\u0142o r\u00f3wnie\u017c przyc\u00adzyn\u0105 p\u00f3\u017anie\u00adjs\u00adzej kryty\u00adki i zniesi\u00ade\u00adnia tej metody.<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Histo\u00adrycz\u00adne znacze\u00adnie metody stuttgar\u00adckiej polega na jej pionier\u00adskiej roli w zakre\u00adsie standa\u00adry\u00adzac\u00adji wyceny przedsi\u0119\u00adbi\u00adorstw w kontek\u015bcie podat\u00adko\u00adwym. Przez dziesi\u0119ciole\u00adcia kszta\u0142\u00adto\u00adwa\u0142a ona spos\u00f3b wyceny przedsi\u0119\u00adbi\u00adorstw i ich udzia\u0142\u00f3w oraz w znacz\u00adnym stopniu przyc\u00adzy\u00adni\u0142a si\u0119 do ujedno\u00adli\u00adcen\u00adia proces\u00f3w wyceny.<\/span><\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><h2>Spis tre\u015bci<\/h2><nav><ul><li><a href=\"#h-die-berechnung-nach-dem-stuttgarter-verfahren-formel-amp-beispiel\">Oblic\u00adze\u00adnia wed\u0142ug metody stuttgar\u00adckiej: wz\u00f3r i przyk\u0142ad<\/a><ul><li><a href=\"#h-schritt-1-ermittlung-des-vermogenswerts-v\">Krok 1: Ustale\u00adnie warto\u015bci maj\u0105t\u00adku (V)<\/a><\/li><li><a href=\"#h-schritt-2-ermittlung-des-ertragshundertsatzes-e\">Krok 2: Oblic\u00adze\u00adnie procen\u00adto\u00adwej stopy zwrotu (E)<\/a><\/li><li><a href=\"#h-schritt-3-berechnung-des-gemeinen-werts-x\">Krok 3: Oblic\u00adze\u00adnie warto\u015bci \u015bredniej (X)<\/a><\/li><li><a href=\"#h-konkretes-rechenbeispiel\">Konkret\u00adny przyk\u0142ad obliczeniowy<\/a><\/li><\/ul><\/li><li><a href=\"#h-kritik-abschaffung-und-moderne-alternativen\">Kryty\u00adka, zniesi\u00ade\u00adnie i nowoc\u00adzes\u00adne alternatywy<\/a><\/li><li><a href=\"#h-heutige-relevanz-das-stuttgarter-verfahren-in-gesellschaftsvertragen\">Aktual\u00adne znacze\u00adnie: proce\u00addu\u00adra stuttgar\u00adcka w umowach sp\u00f3\u0142ek<\/a><ul><li><a href=\"#h-abfindungsklauseln-in-alten-gmbh-satzungen\">Klauzu\u00adle dotyc\u00adz\u0105ce odszko\u00addo\u00adwa\u0144 w starych statutach sp\u00f3\u0142ek z ogranic\u00adzon\u0105 odpowiedzialno\u015bci\u0105<\/a><\/li><li><a href=\"#h-herausforderungen-und-risiken\">Wyzwa\u00adnia i ryzyko<\/a><\/li><\/ul><\/li><li><a href=\"#h-empfehlungen-zur-vertragsprufung\">Zalecen\u00adia dotyc\u00adz\u0105ce sprawd\u00adza\u00adnia&nbsp;um\u00f3w<\/a><\/li><li><a href=\"#h-fazit\">Wniosek<\/a><\/li><li><a href=\"#h-faq-zum-stuttgarter-verfahren\">Najcz\u0119\u015bciej zadawa\u00adne pytania dotyc\u00adz\u0105ce proce\u00addu\u00adry stuttgarckiej<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-die-berechnung-nach-dem-stuttgarter-verfahren-formel-amp-beispiel\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Oblic\u00adze\u00adnia wed\u0142ug metody stuttgar\u00adckiej: wz\u00f3r i przyk\u0142ad<\/span><\/strong><\/h2>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Oblic\u00adza\u00adnie warto\u015bci przedsi\u0119\u00adbi\u00adorst\u00adwa wed\u0142ug metody stuttgar\u00adckiej odbywa si\u0119 w trzech jasno ustruk\u00adtu\u00adry\u00adzowanych etapach, z kt\u00f3rych ka\u017cdy obejmu\u00adje r\u00f3\u017cne aspek\u00adty wyceny przedsi\u0119biorstwa.<\/span><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/Stuttgarter-Verfahren-Berechnung-schema.jpg\" alt=\"\u00dcbersicht zur Berechnung des Firmenwertes nach dem Stuttgarter Verfahren\" class=\"wp-image-34016\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/Stuttgarter-Verfahren-Berechnung-schema.jpg 1024w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/Stuttgarter-Verfahren-Berechnung-schema-768x576.jpg 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/Stuttgarter-Verfahren-Berechnung-schema-16x12.jpg 16w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2025\/06\/Stuttgarter-Verfahren-Berechnung-schema-600x450.jpg 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure>\n\n\n\n<div style=\"height:62px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-schritt-1-ermittlung-des-vermogenswerts-v\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Krok 1: Ustale\u00adnie warto\u015bci maj\u0105t\u00adku (V)<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Najpierw ustala si\u0119 warto\u015b\u0107 maj\u0105t\u00adku (V). Odpowia\u00adda ona r\u00f3\u017cni\u00adcy mi\u0119dzy ca\u0142ko\u00adwi\u00adtym maj\u0105t\u00adkiem a d\u0142uga\u00admi, wyra\u017con\u0105 w procentach kapita\u0142u zak\u0142a\u00addo\u00adwego \u2013 w oparciu o wytycz\u00adne zawar\u00adte w R 98 ErbStR 2003. W tym celu zazwy\u00adc\u00adzaj wykor\u00adzys\u00adtu\u00adje si\u0119 ostat\u00adni bilans podat\u00adko\u00adwy, dokon\u00adu\u00adj\u0105c dodat\u00adko\u00adwo korekt uwzgl\u0119d\u00adnia\u00adj\u0105\u00adcych ewentu\u00adal\u00adne zmiany warto\u015bci oraz wyniki po\u015bred\u00adnie. Szcze\u00adg\u00f3l\u00adnie wa\u017cna jest jedno\u00adli\u00adta wycena maj\u0105t\u00adku grunto\u00adwego, przy czym warto\u015b\u0107 nierucho\u00admo\u015bci lub warto\u015b\u0107 potrzeb\u00adna zgodnie z <\/span><a rel=\"noopener noreferrer\" href=\"https:\/\/dejure.org\/gesetze\/BewG\/146.html\" target=\"_blank\"><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">\u00a7 146 BewG<\/span><\/a><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\"> ma znacze\u00adnie decyduj\u0105ce.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-schritt-2-ermittlung-des-ertragshundertsatzes-e\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Krok 2: Oblic\u00adze\u00adnie procen\u00adto\u00adwej stopy zwrotu (E)<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">W drugim kroku okre\u015b\u00adla si\u0119 procen\u00adto\u00adwy zysk (E). Warto\u015b\u0107 ta stanowi \u015bredni\u0105 arytme\u00adty\u00adcz\u00adn\u0105 wa\u017con\u0105 kalku\u00adla\u00adcy\u00adjnych st\u00f3p zwrotu z kapita\u0142u w\u0142asn\u00adego za ostat\u00adnie trzy lata obrot\u00ado\u00adwe, zgodnie z R 99 ErbStR 2003. Najnows\u00adzy rok obrot\u00ado\u00adwy jest wa\u017cony wsp\u00f3\u0142c\u00adzyn\u00adni\u00adkiem 3, przed\u00adost\u00adat\u00adni wsp\u00f3\u0142c\u00adzyn\u00adni\u00adkiem 2, a trzeci od ko\u0144ca wsp\u00f3\u0142c\u00adzyn\u00adni\u00adkiem 1; suma jest nast\u0119p\u00adnie dzielo\u00adna przez 6. Dokon\u00adu\u00adje si\u0119 r\u00f3wnie\u017c korekt w celu uwzgl\u0119d\u00adni\u00adenia odpis\u00f3w specjal\u00adnych lub jedno\u00adra\u00adzowych przycho\u00add\u00f3w i koszt\u00f3w. W przypad\u00adkach, w kt\u00f3rych istnie\u00adje \u015bcis\u0142y zwi\u0105zek z udzia\u0142ow\u00adcem-dyrek\u00adtorem zarz\u0105d\u00adza\u00adj\u0105\u00adcym, stosuje si\u0119 obni\u017cki.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-schritt-3-berechnung-des-gemeinen-werts-x\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Krok 3: Oblic\u00adze\u00adnie warto\u015bci \u015bredniej (X)<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Na koniec oblic\u00adza si\u0119 warto\u015b\u0107 rynkow\u0105 (X) na podsta\u00adwie wzoru z R 100 ErbStR 2003:<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">X = 0,68 * (V +&nbsp;<span class=\"caps\">5E<\/span>)<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Warto\u015b\u0107 ta, wyra\u017co\u00adna w procentach kapita\u0142u zak\u0142a\u00addo\u00adwego, oznac\u00adza, \u017ce nabyw\u00adca musi zap\u0142a\u00adci\u0107, opr\u00f3cz samej warto\u015bci maj\u0105t\u00adko\u00adwej, dodat\u00adko\u00adwe wynagrod\u00adze\u00adnie za oczeki\u00adwa\u00adne nadwy\u017cki zysk\u00f3w, kt\u00f3re przekrac\u00adza\u00adj\u0105 normal\u00adn\u0105 stop\u0119 zwrotu (oko\u0142o 9 %). Je\u015bli procen\u00adto\u00adwy zysk jest ujemny, w oblic\u00adze\u00adniach przyj\u00admu\u00adje si\u0119 go jako zero, aby odzwier\u00adcied\u00adli\u0107 strat\u0119.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-konkretes-rechenbeispiel\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Konkret\u00adny przyk\u0142ad obliczeniowy<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Wyobra\u017a\u00admy sobie, \u017ce przedsi\u0119\u00adbi\u00adorst\u00adwo posia\u00adda kapita\u0142 nominal\u00adny w wysoko\u015bci 100 %. Po korektach wynika\u00adj\u0105\u00adcych z ostat\u00adnie\u00adgo bilan\u00adsu podat\u00adko\u00adwego ustala si\u0119 warto\u015b\u0107 aktyw\u00f3w (V) na 80 %. Kalku\u00adla\u00adcy\u00adj\u00adne stopy zwrotu z kapita\u0142u w\u0142asn\u00adego za ostat\u00adnie trzy lata daj\u0105 procen\u00adto\u00adwy zysk (E) w wysoko\u015bci 2 %. Wynika z tego,&nbsp;\u017ce:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">V =&nbsp;80&nbsp;%<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\"><span class=\"caps\">5E<\/span> = 5 * 2 % =&nbsp;10&nbsp;%<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">V + <span class=\"caps\">5E<\/span> =&nbsp;90&nbsp;%<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">X = 0,68 * 90 % = 61,2 %<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Wynika z tego, \u017ce warto\u015b\u0107 rynkowa udzia\u0142u w przedsi\u0119\u00adbi\u00adorst\u00adwie wynosi 61,2 % kapita\u0142u nominal\u00adn\u00adego \u2013 stanowi to sum\u0119 czystej warto\u015bci maj\u0105t\u00adko\u00adwej i wynagrod\u00adze\u00adnia za oczeki\u00adwa\u00adne nadwy\u017cki zysk\u00f3w.<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Ta ustruk\u00adtu\u00adry\u00adzowa\u00adna kalku\u00adlac\u00adja pozwa\u00adla organom podat\u00adko\u00adwym i specja\u00adlis\u00adtom stwor\u00adzy\u0107 jedno\u00adli\u00adt\u0105 podsta\u00adw\u0119 do wyceny udzia\u0142\u00f3w w przedsi\u0119\u00adbi\u00adorst\u00adwach, nawet je\u015bli metoda ta wyra\u017a\u00adnie odzwier\u00adcied\u00adla jej charak\u00adter fiskalny.<\/span><\/p>\n\n\n\n<div style=\"height:29px\" 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:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-kritik-abschaffung-und-moderne-alternativen\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Kryty\u00adka, zniesi\u00ade\u00adnie i nowoc\u00adzes\u00adne alternatywy<\/span><\/strong><\/h2>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Mimo \u017ce proce\u00addu\u00adra stuttgar\u00adcka by\u0142a stoso\u00adwa\u00adna od wielu lat, by\u0142a ona przedmio\u00adtem ci\u0105g\u0142ej kryty\u00adki i ostatecz\u00adnie zosta\u0142a zniesio\u00adna. Ju\u017c w 2006 r. Federal\u00adny Trybu\u00adna\u0142 Konsty\u00adtu\u00adcy\u00adj\u00adny (BVerfG, 1 BvL 10\/02 z dnia 7 listopa\u00adda 2006 r.) uzna\u0142 t\u0119 proce\u00addur\u0119 za niezgod\u00adn\u0105 z konsty\u00adtuc\u00adj\u0105. G\u0142\u00f3wnym zarzu\u00adtem by\u0142o to, \u017ce ustalo\u00adna warto\u015b\u0107 przedsi\u0119\u00adbi\u00adorst\u00adwa cz\u0119sto znacz\u00adnie odbie\u00adga\u0142a od rzeczy\u00adwis\u00adtej warto\u015bci rynkowej, a tym samym nie by\u0142a zgodna z zasad\u0105 r\u00f3wno\u015bci i zasad\u0105 zdolno\u015bci podat\u00adko\u00adwej. Te syste\u00adma\u00adty\u00adcz\u00adne niedos\u00adza\u00adco\u00adwa\u00adnia dopro\u00adwad\u00adzi\u0142y ostatecz\u00adnie do zniesi\u00ade\u00adnia tej proce\u00addu\u00adry w ramach ustawy o refor\u00admie podat\u00adku od spadk\u00f3w z dniem 1 stycz\u00adnia 2009&nbsp;r.<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Proce\u00addu\u00adra ta nie spotka\u0142a si\u0119 r\u00f3wnie\u017c z pozytywnym odbio\u00adrem w\u015br\u00f3d ekono\u00admis\u00adt\u00f3w. Spe\u0142nia\u0142a ona wymogi fiskal\u00adne, ale w poszc\u00adze\u00adg\u00f3l\u00adnych przypad\u00adkach nie zapew\u00adnia\u0142a odpowied\u00adniej wyceny. Kryty\u00adcy kryty\u00adko\u00adwa\u00adli przede wszyst\u00adkim uog\u00f3l\u00adnio\u00adne za\u0142o\u017ce\u00adnia \u2013 na przyk\u0142ad sta\u0142\u0105 normal\u00adn\u0105 stop\u0119 zwrotu w wysoko\u015bci 9 % oraz ogranic\u00adze\u00adnie okresu do zaled\u00adwie pi\u0119ciu lat w celu ustale\u00adnia nadwy\u017cek zysk\u00f3w. Tak du\u017cy nacisk na warto\u015b\u0107 aktyw\u00f3w (<\/span><a rel=\"noopener noreferrer\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/en\/mergers-and-acquisition-process-3\/\" target=\"_self\"><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Warto\u015b\u0107 aktyw\u00f3w netto<\/span><\/a><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">) pozosta\u00adwia\u0142o niewie\u00adle miejs\u00adca na indywi\u00addu\u00adal\u00adn\u0105 anali\u00adz\u0119 przysz\u0142ych przep\u0142y\u00adw\u00f3w pieni\u0119\u017cnych lub konkret\u00adnych ryzyk zwi\u0105zanych z dan\u0105 sp\u00f3\u0142k\u0105.<\/span><\/p>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">W por\u00f3wna\u00adniu z tymi metoda\u00admi, obecnie stosuje si\u0119 nowoc\u00adzes\u00adne metody wyceny, kt\u00f3re lepiej odpowia\u00adda\u00adj\u0105 dynamicz\u00adnym wymaga\u00adni\u00adom wyceny przedsi\u0119\u00adbi\u00adorstw. Nale\u017c\u0105 do&nbsp;nich:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Uproszc\u00adzo\u00adne <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/podejscie-dochodowe-2\/\">Metoda skapi\u00adta\u00adlizowanych zysk\u00f3w<\/a> (\u00a7 199 BewG), kt\u00f3re pod wzgl\u0119\u00addem podat\u00adko\u00adwym jest trakto\u00adwa\u00adne jako <\/span><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/jak-i-gdzie-znajde-idealnego-sukcesora-2\/\" target=\"_self\" rel=\"noopener noreferrer\"><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Nast\u0119p\u00adca<\/span><\/a><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\"> Zasto\u00adso\u00adwa\u00adnie i kapita\u00adli\u00adzac\u00adja \u015brednie\u00adgo&nbsp;zysku.<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Metoda warto\u015bci docho\u00addo\u00adwej wed\u0142ug <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/idw-s1\/\"><span class=\"caps\">IDW<\/span> <span class=\"caps\">S1<\/span><\/a>, kt\u00f3ry jest powszech\u00adnie stoso\u00adwa\u00adny jako standard w bran\u017cy i stanowi metod\u0119 zorien\u00adto\u00adwan\u0105 na przysz\u0142o\u015b\u0107.<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Metoda zdyskon\u00adto\u00adwanych przep\u0142y\u00adw\u00f3w pieni\u0119\u017cnych (metoda <span class=\"caps\">DCF<\/span>), ciesz\u0105\u00adca si\u0119 mi\u0119dzy\u00adn\u00ada\u00adro\u00addo\u00adwym uznaniem.<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Strona <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/pl\/das-multiplikatorverfahren\/\">metod\u00adzie mno\u017cni\u00adko\u00adwej<\/a>, w kt\u00f3rym wykor\u00adzys\u00adtu\u00adje si\u0119 czynni\u00adki typowe dla bran\u017cy (np. obroty lub&nbsp;<span class=\"caps\">EBIT<\/span>).<\/span><\/li>\n\n\n\n<li><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Metoda warto\u015bci rzeczy\u00adwis\u00adtej, kt\u00f3ra polega na szcze\u00adg\u00f3\u0142o\u00adwej wycenie poszc\u00adze\u00adg\u00f3l\u00adnych sk\u0142ad\u00adni\u00adk\u00f3w maj\u0105tku.<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Te nowoc\u00adzes\u00adne metody nie tylko zapew\u00adnia\u00adj\u0105 dok\u0142ad\u00adnie\u00adjs\u00adze odzwier\u00adcied\u00adle\u00adnie warto\u015bci przedsi\u0119\u00adbi\u00adorst\u00adwa, ale tak\u017ce uwzgl\u0119d\u00adnia\u00adj\u0105 przysz\u0142e zmiany, kt\u00f3re maj\u0105 kluczowe znacze\u00adnie w dynamicz\u00adnej gospodarce.<\/span><\/p>\n\n\n\n<div style=\"height:42px\" 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:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-heutige-relevanz-das-stuttgarter-verfahren-in-gesellschaftsvertragen\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Aktual\u00adne znacze\u00adnie: proce\u00addu\u00adra stuttgar\u00adcka w umowach sp\u00f3\u0142ek<\/span><\/strong><\/h2>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Chocia\u017c proce\u00addu\u00adra stuttgar\u00adcka od 2009 r. jest nieak\u00adtu\u00adal\u00adna pod wzgl\u0119\u00addem podat\u00adko\u00adwym, nadal znajdu\u00adje zasto\u00adso\u00adwa\u00adnie w prakty\u00adce \u2013 zw\u0142aszc\u00adza w stars\u00adzych umowach sp\u00f3\u0142ek z ogranic\u00adzon\u0105 odpowied\u00adzi\u00adal\u00adno\u015bci\u0105. Wiele z tych um\u00f3w zawie\u00adra klauzu\u00adle dotyc\u00adz\u0105ce odszko\u00addo\u00adwa\u0144 oparte na proce\u00addur\u00adze stuttgar\u00adckiej. Celem takich klauzul jest zapew\u00adni\u00ade\u00adnie prostej i przew\u00adi\u00addy\u00adwal\u00adnej metody ustala\u00adnia odszko\u00addo\u00adwa\u00adnia dla odchod\u00adz\u0105\u00adcych wsp\u00f3lnik\u00f3w.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-abfindungsklauseln-in-alten-gmbh-satzungen\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Klauzu\u00adle dotyc\u00adz\u0105ce odszko\u00addo\u00adwa\u0144 w starych statutach sp\u00f3\u0142ek z ogranic\u00adzon\u0105 odpowiedzialno\u015bci\u0105<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Zasto\u00adso\u00adwa\u00adnie proce\u00addu\u00adry stuttgar\u00adckiej w umowach sp\u00f3\u0142ek wynika z histo\u00adrycz\u00adnej prakty\u00adki, zgodnie z kt\u00f3r\u0105 do 2008 r. proce\u00addu\u00adra ta by\u0142a standardem. Nawet je\u015bli zosta\u0142a ona zniesio\u00adna ze wzgl\u0119\u00add\u00f3w podat\u00adko\u00adwych, takie umowy pozosta\u00adj\u0105 w mocy w \u015bwiet\u00adle prawa cywil\u00adn\u00adego. Orzec\u00adze\u00adnia s\u0105dowe, mi\u0119dzy innymi s\u0105d\u00f3w takich jak <span class=\"caps\">OLG<\/span> Stutt\u00adgart lub <span class=\"caps\">OLG<\/span> Naumburg, potwierd\u00adzi\u0142y zasad\u00adnic\u00adz\u0105 skutecz\u00adno\u015b\u0107 tych klauzul \u2013 oczywi\u015bcie zawsze w ramach swobo\u00addy umownej.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-herausforderungen-und-risiken\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Wyzwa\u00adnia i ryzyko<\/span><\/strong><\/h3>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Istot\u00adnym punktem kryty\u00adki stoso\u00adwa\u00adnia metody stuttgar\u00adckiej w umowach sp\u00f3\u0142ek jest cz\u0119sto znacz\u00adna rozbie\u017c\u00adno\u015b\u0107 mi\u0119dzy ustalon\u0105 warto\u015bci\u0105 a rzeczy\u00adwis\u00adt\u0105 warto\u015bci\u0105 rynkow\u0105. Rozbie\u017c\u00adno\u015b\u0107 ta mo\u017ce prowad\u00adzi\u0107 do spor\u00f3w mi\u0119dzy wsp\u00f3l\u00adni\u00adka\u00admi, je\u017celi wycen\u00adio\u00adna warto\u015b\u0107 zosta\u00adnie uznana za nieade\u00adkwat\u00adnie nisk\u0105. Korek\u00adta warto\u015bci okre\u015b\u00adlo\u00adnej w umowie jest mo\u017cli\u00adwa tylko w przypad\u00adku \u201eznacz\u0105cej\u201c rozbie\u017c\u00adno\u015bci lub nawet sprzecz\u00adno\u015bci z dobry\u00admi obycza\u00adja\u00admi, co wi\u0105\u017ce si\u0119 z wysoki\u00admi przeszkodami.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-empfehlungen-zur-vertragsprufung\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Zalecen\u00adia dotyc\u00adz\u0105ce sprawd\u00adza\u00adnia&nbsp;um\u00f3w<\/span><\/strong><\/h2>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Przedsi\u0119\u00adbi\u00adorst\u00adwa, kt\u00f3re nadal stosuj\u0105 stare klauzu\u00adle umowne oparte na proce\u00addur\u00adze stuttgar\u00adckiej, powin\u00adny je regular\u00adnie sprawd\u00adza\u0107. Zaleca si\u0119 dosto\u00adso\u00adwa\u00adnie klauzul do aktual\u00adnych metod wyceny, aby zapobiec przysz\u0142ym sporom i odpowied\u00adnio odzwier\u00adcied\u00adli\u0107 rzeczy\u00adwis\u00adt\u0105 warto\u015b\u0107 przedsi\u0119\u00adbi\u00adorst\u00adwa. Pomoc wyspec\u00adja\u00adlizowanych prawni\u00adk\u00f3w i dorad\u00adc\u00f3w podat\u00adko\u00adwych mo\u017ce pom\u00f3c w znale\u00adzi\u00adeniu najlepsze\u00adgo rozwi\u0105\u00adza\u00adnia dla wszyst\u00adkich wsp\u00f3lnik\u00f3w.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fazit\">Wniosek<\/h2>\n\n\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Ta szcze\u00adg\u00f3\u0142o\u00adwa anali\u00adza proce\u00addu\u00adry stoso\u00adwa\u00adnej w Stuttgar\u00adcie pokazu\u00adje, jak metody wyceny ewolu\u00aduj\u0105 w miar\u0119 up\u0142ywu czasu \u2013 i dlacze\u00adgo w\u0142a\u015bnie dla przedsi\u0119\u00adbi\u00ador\u00adc\u00f3w i os\u00f3b zainte\u00adre\u00adso\u00adwanych sukces\u00adj\u0105 wa\u017cne jest, aby zawsze bra\u0107 pod uwag\u0119 najnows\u00adzy stan techni\u00adki. Zaufanie, przejr\u00adzys\u00adto\u015b\u0107 i rzetel\u00adne doradzt\u00adwo maj\u0105 zasad\u00adnic\u00adze znacze\u00adnie dla trwa\u0142e\u00adgo przeka\u00adza\u00adnia dorob\u00adku \u017cycia w nowe&nbsp;r\u0119ce.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faq-zum-stuttgarter-verfahren\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Najcz\u0119\u015bciej zadawa\u00adne pytania dotyc\u00adz\u0105ce proce\u00addu\u00adry stuttgarckiej<\/span><\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list\">\n<div id=\"faq-question-69a1828971490\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Czym jest proce\u00addu\u00adra stuttgarcka?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Das Stutt\u00adgar\u00adter Verfah\u00adren ist eine ehemals weit verbrei\u00adte\u00adte Metho\u00adde zur Bewer\u00adtung von Unter\u00adneh\u00admens\u00adan\u00adtei\u00adlen, die spezi\u00adell f\u00fcr die steuer\u00adli\u00adche Bewer\u00adtung bei Erbschaft- und Schen\u00adkung\u00adsteu\u00ader genutzt wurde.<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971492\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Ist das Stutt\u00adgar\u00adter Verfah\u00adren noch g\u00fcltig?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">F\u00fcr steuer\u00adli\u00adche Zwecke wurde das Verfah\u00adren 2009 abgeschafft. Es bleibt aber in \u00e4lteren Gesell\u00adschafts\u00adver\u00adtr\u00e4\u00adgen als vertrag\u00adli\u00adche Regelung bestehen.<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971493\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Wie wird der Wert nach dem Stutt\u00adgar\u00adter Verfah\u00adren berechnet?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Die Berech\u00adnung erfolgt in drei Schrit\u00adten: Ermitt\u00adlung des Verm\u00f6\u00adgens\u00adwerts (V), Bestim\u00admung des Ertrags\u00adhun\u00addert\u00adsat\u00adzes (E) und abschlie\u00ad\u00dfen\u00adde Berech\u00adnung des gemei\u00adnen Werts (X) mittels der Formel X = 0,68 * (V +&nbsp;<span class=\"caps\">5E<\/span>).<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971494\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Welche Alter\u00adna\u00adti\u00adven gibt es zum Stutt\u00adgar\u00adter Verfahren?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Moder\u00adne Bewer\u00adtungs\u00adver\u00adfah\u00adren umfas\u00adsen das verein\u00adfach\u00adte Ertrags\u00adwert\u00adver\u00adfah\u00adren, das <span class=\"caps\">IDW<\/span> S1-Ertrags\u00adwert\u00adver\u00adfah\u00adren, die Discoun\u00adted-Cashflow-Metho\u00adde (<span class=\"caps\">DCF<\/span>), das Multi\u00adpli\u00adka\u00adtor\u00adver\u00adfah\u00adren und das Substanzwertverfahren.<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971495\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Dlacze\u00adgo zniesi\u00ado\u00adno proce\u00addur\u0119 stuttgarck\u0105?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Das Verfah\u00adren wurde als verfas\u00adsungs\u00adwid\u00adrig beurteilt, da es h\u00e4ufig nicht den tats\u00e4ch\u00adli\u00adchen Verkehrs\u00adwert wider\u00adspie\u00adgel\u00adte und dadurch gegen grund\u00adle\u00adgen\u00adde Prinzi\u00adpi\u00aden der Besteue\u00adrung verstie\u00df.<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971496\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Kann das Stutt\u00adgar\u00adter Verfah\u00adren noch in Gesell\u00adschafts\u00adver\u00adtr\u00e4\u00adgen angewen\u00addet werden?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Tak, o ile jest to zapisa\u00adne w stars\u00adzych umowach, mo\u017ce nadal obowi\u0105\u00adzy\u00adwa\u0107 w \u015bwiet\u00adle prawa cywil\u00adn\u00adego \u2013 nawet je\u015bli nie ma ju\u017c zasto\u00adso\u00adwa\u00adnia do cel\u00f3w podatkowych.<\/span><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-69a1828971497\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question\"><strong><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Was bedeu\u00adtet der \u201egemei\u00adne Wert\u201c im Kontext des Stutt\u00adgar\u00adter Verfahrens?<\/span><\/strong><\/h3>\n<div class=\"rank-math-answer\">\n\n<p><span data-color=\"transparent\" style=\"background-color: transparent;color: inherit\">Der gemei\u00adne Wert bezeich\u00adnet den Verkaufs\u00adpreis, der im norma\u00adlen Gesch\u00e4fts\u00adver\u00adkehr bei einer Anteils\u00ad\u00fcber\u00adtra\u00adgung erzielt werden k\u00f6nnte, berech\u00adnet unter Ber\u00fcck\u00adsich\u00adti\u00adgung des reinen Verm\u00f6\u00adgens\u00adwerts und eines Zuschlags f\u00fcr erwar\u00adte\u00adte \u00dcbergewinne.<\/span><\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Das Stuttgarter Verfahren war eine Methode zur Ermittlung des Unternehmenswerts, die insbesondere in der Vergangenheit f\u00fcr steuerliche Zwecke eingesetzt wurde. 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